• Mon. May 20th, 2024

EURUSD on Wednesday dropped -0.04% to 1.08390. 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% -4.7 Pips
Week to-date 0.19% 20.2 Pips
February 0.19% 21 Pips

Upcoming key events (London Time)

  Thu 07:00 AM EUR Retail Trade Turnover (12-mth)
  Thu 01:00 PM EUR CPI Inflation Rate (12-mth)
  Thu 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
  Thu 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
  Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened lately

 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
 🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
 🇪🇺 Euro Area Economic Sentiment Indicator in February dropped to 95.4 points compared to previous figure 96.2 points in January
 🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
 🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau
 🇩🇪 Germany Gfk Consumer Confidence Survey in March improved to -29 points compared to previous figure -29.6, revised from -29.7 points in February Source: GfK


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.04% to 1.08390. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08083 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08460 or trades above daily pivot 1.08272. Break above could target R1 at 1.08578. While to the downside, we are looking at 1.08083 (S1) and daily low of 1.07965 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.07965 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 1.09073
R2 1.08767
R1 1.08578
Daily Pivot 1.08272
S1 1.08083
S2 1.07777
S3 1.07588
On Key

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