• Thu. May 30th, 2024

EURUSD on Tuesday dropped -0.23% to 1.08578. 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 -0.23% -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
On Key

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