• Sat. Jun 15th, 2024

EURUSD on Tuesday dropped -0.2% to 1.08809. Pair in consolidation. What we know.


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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 -0.2% -21.9 Pips
Week to-date 0.33% 35.9 Pips
June 0.33% 35.9 Pips

Upcoming key events (London Time)

  Thu 10:00 AM EUR Retail Trade Turnover (12-mth)
  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)

What happened lately

 🇺🇸 U.S. Factory Orders (1-mth) in April unchanged at 0.7% compared to previous report in March. Source: Census Bureau
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in April dropped to 8.059M compared to previous figure 8.355, revised from 8.488M in March Source: Bureau of Labor Statistics
 🇩🇪 Germany Unemployment Change in May rose to 25K compared to previous figure 10K in April Source: Destatis

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.2% to 1.08809. 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 1.08543 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09160 or trades above daily pivot 1.08851. Break above could target R1 at 1.09118. While to the downside, we are looking at 1.08543 (S1) and daily low of 1.08585 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08585 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.09693
R2 1.09426
R1 1.09118
Daily Pivot 1.08851
S1 1.08543
S2 1.08276
S3 1.07968
On Key

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