• Fri. Sep 22nd, 2023

EURUSD on Thursday dropped -0.99% to 1.09773. What we know.

Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

EURUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.99% -109.3 Pips
Week to-date -1.32% -147.2 Pips
July 0.64% 69.9 Pips

Upcoming key events (London Time)

  Fri 09:00 AM EUR GDP (3-mth) | Q2 flash
  Fri 09:00 AM EUR GDP (12-mth) | Q2 flash
  Fri 01:00 PM EUR CPI Inflation Rate (1-mth)
  Fri 01:00 PM EUR CPI Inflation Rate (12-mth)
  Fri 01:30 PM USD Core Personal Consumption Expenditures – Price Index (1-mth)
  Fri 01:30 PM USD Core Personal Consumption Expenditures – Price Index (12-mth)

What happened lately

 🇺🇸 U.S. Pending Home Sales (1-mth) in June rose to 0.3% compared to previous figure -2.5% (revised from -2.7%)
 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q2 preliminary estimate below forecast and dropped to 3.8% compared to previous figure 4.9% in Q1
 🇺🇸 U.S. GDP Annualized in Q2 preliminary estimate exceed forecast and rose to 2.4% compared to previous figure 2% in Q1
 🇺🇸 U.S. Durable Goods Orders in June exceed forecast and rose to 4.7% compared to previous figure 1.8, revised from 1.7% in May
 🇺🇸 In the week ending 22 July, U.S. Initial Unemployment Insurance Claims dropped to 221K compared to previous figure 228K
 🇪🇺 Euro Area ECB Interest Rate on main refinancing operations (MRO) rose to 4.25% compared to previous rate 4%
 🇩🇪 Germany Gfk Consumer Confidence Survey in August below forecast and improved to -24.4 points compared to previous figure -25.2, revised from -25.4 points in July
 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) rose to 5.5% compared to previous rate 5.25%

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.99% to 1.09773. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 1.0911 (S1) with break below could see further selling pressure towards 1.08446 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.11497 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.09640 would indicate selling pressure.For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1.32%.

Key levels to watch out:

R3 1.12824
R2 1.1216
R1 1.10967
Daily Pivot 1.10303
S1 1.0911
S2 1.08446
S3 1.07253

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