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 | -0.23% | -24.6 Pips |  |
||
| Week to-date | -0.35% | -38.2 Pips |  |
||
| January | -1.63% | -179.6 Pips | |
||
Upcoming key events (London Time)
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM USD GDP Annualized
What happened lately
Euro Area Consumer Confidence in January preliminary estimate exceed forecast and dropped to -16.1 points compared to previous figure -15 points in December Source: DG ECFIN
What can we expect from EURUSD today?
EURUSD on Tuesday dropped -0.23% to 1.08578. Price is below 9-Day EMA while Stochastic is rising.
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 1.08141 with break below could see further selling pressure towards S2 at 1.07703. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09162 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08214 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 | 1.10037 |
| R2 | 1.09599 |
| R1 | 1.09089 |
| Daily Pivot | 1.08651 |
| S1 | 1.08141 |
| S2 | 1.07703 |
| S3 | 1.07193 |
