As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Tuesday|
|Week to-date||0%||-0.1 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
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: