• Mon. May 20th, 2024

EURUSD on Tuesday dropped -0.08% to 1.08639. What happened.


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Dear ,

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

EURUSD Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday -0.08% -8.2 Pips
Week to-date -0.21% -23 Pips
March 0.54% 58.6 Pips

Upcoming key events (London Time)

  Wed 08:45 AM EUR European Central Bank’s President Christine Lagarde speech
  Wed 06:00 PM USD FOMC Monetary Policy Statement
  Wed 06:00 PM USD FOMC Economic Projections
  Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)

What happened lately

 🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.08% to 1.08639. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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

Looking ahead for the day, immediate support level is at S1 1.08401 with break below could see further selling pressure towards S2 at 1.08162. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08766 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08345 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.21%.

Key levels to watch out:

R3 1.09243
R2 1.09004
R1 1.08822
Daily Pivot 1.08583
S1 1.08401
S2 1.08162
S3 1.0798
On Key

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