• Thu. May 30th, 2024

EURUSD on Tuesday dropped -0.5% to 1.06662. End April down by -1.15% or -123.8 pips lower. 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 -0.5% -54.1 Pips
Week to-date -0.24% -26 Pips
April -1.15% -123.8 Pips

Upcoming key events (London Time)

  Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)

What happened lately

 🇺🇸 U.S. Housing Price Index (1-mth) in February rose to 1.2% compared to previous figure -0.1% in January
 🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q1 flash estimate rose to 0.4% compared to previous figure 0.1% in Q4 Source: Eurostat
 🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in April flash estimate unchanged at 2.4% compared to previous report in March. Source: Eurostat
 🇩🇪 Germany Gross Domestic Product WDA (12-mth) in Q1 flash estimate dropped to -0.9% compared to previous figure -0.4% in Q4 Source: Federal Statistical Office (Destatis)
 🇩🇪 Germany Unemployment Rate seasonal adjustment. in April unchanged at 5.9% compared to previous report in March. Source: Destatis
 🇩🇪 Germany Retail Trade (1-mth) in March rose to 1.8% compared to previous figure -1.9% in February Source: Destatis
 🇩🇪 Germany CPI Inflation Rate (12-mth) in April flash estimate unchanged at 2.2% compared to previous report in March.

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.5% to 1.06662. 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 S1 1.06409 with break below could see further selling pressure towards S2 at 1.06156. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07353 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.06628 would indicate selling pressure.

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

EURUSD ended month of April trading session down by -1.15% or -123.8 pips lower.

Key levels to watch out:

R3 1.07859
R2 1.07606
R1 1.07134
Daily Pivot 1.06881
S1 1.06409
S2 1.06156
S3 1.05684


On Key

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