• Fri. Feb 23rd, 2024

EURUSD on Thursday rose 0.54% to 1.05623. Pair in consolidation. 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 0.54% 57.1 Pips
Week to-date -0.76% -80.9 Pips
September -2.58% -279.2 Pips

Upcoming key events (London Time)

Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (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. (1-mth) in August exceed forecast and dropped to -7.1% compared to previous figure 0.9% in July
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q2 unchanged at 2.5% compared to previous report in Q1. The actual figure is also in line with the forecast Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q2 unchanged at 2.1% compared to previous report in Q1. The actual figure is also in line with the forecast Bureau of Economic Analysis
🇩🇪 Germany CPI Inflation Rate (12-mth) in September preliminary estimate below forecast and dropped to 4.5% compared to previous figure 6.1% in August
🇪🇺 Euro Area Economic Sentiment Indicator in September dropped to 93.3 points compared to previous figure 93.6 points (revised from 93.3 points)
🇺🇸 U.S. Durable Goods Orders in August rose to 0.2% compared to previous figure -5.6% (revised from -5.2%) Census Bureau


EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday rose 0.54% to 1.05623. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.05091 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.05790 or trades above daily pivot 1.0544. Break above could target R1 at 1.05973. While to the downside, we are looking at 1.05091 (S1) and daily low of 1.04908 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.05790 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.76%.

Key levels to watch out:

R3 1.06855
R2 1.06322
R1 1.05973
Daily Pivot 1.0544
S1 1.05091
S2 1.04558
S3 1.04209

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