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 | 0.33% | 36.9 Pips |  |
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| Week to-date | 0.13% | 14.4 Pips |  |
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| September | 0.86% | 94.8 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (12-mth)
What happened lately
The U.S. Bureau of Economic Analysis reported that the American GDP increased at an annual rate of 3.0% in Q2 2024. Meanwhile, data from the Census Bureau showed a rise in durable goods orders excluding transportation to 0.5% in August, following a revised -0.2% in July. However, new orders for durable goods in August stagnated at 0% compared to the previous month’s sharp rise of 9.9%. Additionally, the Department of Labor reported initial unemployment claims dropped slightly to 218,000 from 219,000 in the week ending September 21. Although the U.S. Durable Goods Orders excluding Defense fell to -0.2% from a revised 10.3% in July, orders for nondefense capital goods excluding aircraft improved by 0.2%, reversing the revised -0.1% fall in July. Lastly, pending home sales increased by 0.6% in August after a significant drop of -5.5% in July, while new-home sales declined by -4.7%.
In Germany, GfK’s Consumer Confidence Survey displayed a slight improvement, rising to -21.2 points in October from a revised -22 points in September. This minor uplift indicates a cautious yet positive shift in consumer sentiment in the European powerhouse.
The EURUSD pair, which rose by 0.33% to 1.11752 on Thursday, is likely influenced by the latest economic data and forthcoming economic events. Positive U.S. GDP growth and a rebound in durable goods orders, excluding transportation, could provide support to the U.S. Dollar. However, the decline in new-home sales and mixed data on durable goods orders without defense may weigh on investor sentiment. In contrast, Germany’s mild improvement in consumer confidence may offer some support to the Euro. As traders await the PCE Price Index excluding food and energy, any indication of inflationary trends in the U.S. could prompt further USD volatility, affecting the EURUSD exchange rate.
What can we expect from EURUSD today?
EURUSD on Thursday rose 0.33% to 1.11752. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for EURUSD looks bullish as the pair ended higher after Thursday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.12012 with break above could target R2 at 1.12271 or figure level area. While towards the downside, we are looking at daily low of 1.11255 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.11893 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.1265 |
| R2 | 1.12271 |
| R1 | 1.12012 |
| Daily Pivot | 1.11633 |
| S1 | 1.11374 |
| S2 | 1.10995 |
| S3 | 1.10736 |
