• Fri. Sep 22nd, 2023

EURUSD on Tuesday dropped -0.1% to 1.10519. Winners and losers.

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 -0.1% -10.8 Pips
Week to-date -0.65% -72.6 Pips
July 1.32% 144.5 Pips

Upcoming key events (London Time)

  Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
  Wed 07:00 PM USD FOMC Monetary Policy Statement
  Wed 07:30 PM USD FOMC Press Conference
  Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
  Thu 01:15 PM EUR ECB Interest Rate on deposit facility
  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 01:30 PM USD GDP Annualized
  Thu 01:45 PM EUR European Central Bank Press Conference

What happened lately

 🇺🇸 U.S. Housing Price Index (1-mth) in May unchanged at 0.7% compared to previous report in April.
 🇩🇪 Germany ifo Expectations in July dropped to 83.5 points compared to previous figure 83.8 points (revised from 83.6 points)
 🇪🇺 Euro Area HCOB Eurozone Manufacturing PMI in July preliminary estimate below forecast and dropped to 42.7 points compared to previous figure 43.4 points in June

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.1% to 1.10519. Price is below 9-Day EMA while Stochastic is falling.

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 1.10193 (S1) with break below could see further selling pressure towards 1.09867 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.10869 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.10205 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.65%.

Key levels to watch out:

R3 1.11521
R2 1.11195
R1 1.10857
Daily Pivot 1.10531
S1 1.10193
S2 1.09867
S3 1.09529

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