As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Thursday|
|Week to-date||0.72%||75.5 Pips|
Upcoming key events (London Time)
Fri 01:00 AM USD President Joe Biden speech
What happened lately
In the week ending 14 October, U.S. Initial Unemployment Insurance Claims dropped to 198K compared to previous figure 209K Department of Labor
U.S. Philadelphia Fed Manufacturing Survey in October exceed forecast and improved to -9 points compared to previous figure -13.5 points in September
U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau
Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in September unchanged at 0.3% compared to previous report in August. The actual figure is also in line with the forecast Eurostat
What can we expect from EURUSD today?
EURUSD on Thursday rose 0.42% to 1.05798. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.05329 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.06166 or trades above daily pivot 1.05747. Break above could target R1 at 1.06217. While to the downside, we are looking at 1.05329 (S1) and daily low of 1.05278 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.06166 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: