• Sun. Dec 3rd, 2023

EURUSD on Tuesday dropped -0.7% to 1.05929. Pair in consolidation. What we know.

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 -0.7% -74.5 Pips
Week to-date 0% -0.1 Pips
October 0.21% 22 Pips

Upcoming key events (London Time)

  Wed 06:00 PM EUR European Central Bank’s President Christine Lagarde speech
  Wed 09:35 PM USD Federal Reserve Chair Jerome Powell speech
  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM USD GDP Annualized
  Thu 01:45 PM EUR European Central Bank Press Conference

What happened lately

 🇪🇺 Euro Area HCOB Eurozone Composite PMI in October preliminary estimate below forecast and dropped to 46.5 points compared to previous figure 47.2 points in September
 🇩🇪 Germany Gfk Consumer Confidence Survey in November exceed forecast and dropped to -28.1 points compared to previous figure -26.7, revised from -26.5 points in October GfK
 🇪🇺 Euro Area Consumer Confidence in October preliminary estimate below forecast and dropped to -17.9 points compared to previous figure -17.8 points in September DG ECFIN

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.7% to 1.05929. 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 1.05524 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.06943 or trades above daily pivot 1.06233. Break above could target R1 at 1.06639. While to the downside, we are looking at 1.05524 (S1) and daily low of 1.05828 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.05828 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 1.07754
R2 1.07348
R1 1.06639
Daily Pivot 1.06233
S1 1.05524
S2 1.05118
S3 1.04409

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