• Sat. Jun 15th, 2024

EURUSD on Wednesday dropped -0.05% to 1.08732. 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 -0.05% -5.4 Pips
Week to-date 0.26% 28.2 Pips
June 0.26% 28.2 Pips

Upcoming key events (London Time)

  Thu 10:00 AM EUR Retail Trade Turnover (12-mth)
  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Fri 01:00 AM EUR European Parliament Election
  Fri 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
  Fri 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
  Fri 01:30 PM USD Nonfarm Payroll Employment
  Fri 01:30 PM USD Average Hourly Earnings (12-mth)

What happened lately

 🇪🇺 Euro Area Producer Price Index (12-mth) in April improved to -5.7% compared to previous figure -7.8% in March
 🇺🇸 U.S. Factory Orders (1-mth) in April unchanged at 0.7% compared to previous report in March. Source: Census Bureau
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in April dropped to 8.059M compared to previous figure 8.355, revised from 8.488M in March Source: Bureau of Labor Statistics
 🇩🇪 Germany Unemployment Change in May rose to 25K compared to previous figure 10K in April Source: Destatis


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.05% to 1.08732. 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 1.08544 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08915 or trades above daily pivot 1.08729. Break above could target R1 at 1.08918. While to the downside, we are looking at 1.08544 (S1) and daily low of 1.08541 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08541 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 1.09292
R2 1.09103
R1 1.08918
Daily Pivot 1.08729
S1 1.08544
S2 1.08355
S3 1.0817
On Key

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