• Mon. May 20th, 2024

EURUSD on Wednesday dropped -0.04% to 1.06971. Pair in consolidation. 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 Wednesday
Period Pct Chg Momentum
Wednesday -0.04% -4.8 Pips
Week to-date 0.42% 44.5 Pips
April -0.86% -92.9 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD GDP Annualized
  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

 🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau
 🇩🇪 Germany ifo Current Assessment in April rose to 88.9 points compared to previous figure 88.1 points in March Source: ifo Institute


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.04% to 1.06971. 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 1.06784 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07142 or trades above daily pivot 1.06963. Break above could target R1 at 1.0715. While to the downside, we are looking at 1.06784 (S1) and daily low of 1.06776 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06776 would indicate selling pressure.

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 1.07516
R2 1.07329
R1 1.0715
Daily Pivot 1.06963
S1 1.06784
S2 1.06597
S3 1.06418
On Key

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