• Wed. May 29th, 2024

EURUSD on Tuesday rose 0.25% to 1.08148. 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 0.25% 26.5 Pips
Week to-date 0.42% 45.4 Pips
May 1.37% 145.8 Pips

Upcoming key events (London Time)

  Wed 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
  Wed 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
  Wed 01:30 PM USD CPI Inflation Rate (12-mth)
  Wed 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

 🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
 🇩🇪 Germany ZEW Indicator of Economic Sentiment in May rose to 47.1 points compared to previous figure 42.9 points in April Source: ZEW


What can we expect from EURUSD today?

EURUSD on Tuesday rose 0.25% to 1.08148. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.08381 with break above could target R2 at 1.08613 or figure level area. While towards the downside, we are looking at daily low of 1.07668 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08257 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.42% over the past few days.

Key levels to watch out:

R3 1.0897
R2 1.08613
R1 1.08381
Daily Pivot 1.08024
S1 1.07792
S2 1.07435
S3 1.07203
On Key

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