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 | -0.16% | -17.2 Pips |  |
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| Week to-date | -1.31% | -143.5 Pips | |
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| October | -3.18% | -354.7 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the Euro Area, there has been a slight improvement in consumer confidence for October, as indicated by the flash estimate of the Consumer Confidence Indicator. The measure increased from -12.9 points in September to -12.5 points in October, according to DG ECFIN. This marginal rise suggests a slow recovery in consumer sentiment within the region. Although the negative figure still indicates pessimism among consumers, the lessening of the negative score could imply optimism about economic conditions or concerns diminishing slightly against past months.
In terms of the EURUSD currency pair, recent data shows that the euro depreciated slightly against the U.S. dollar, with the pair dropping by 0.16% on Wednesday to a level of 1.07819. This depreciation might be attributed to various factors, including the near-term economic outlook, geopolitical concerns, or monetary policy expectations. Although the improvement in consumer confidence is a positive sign, it appears insufficient to bolster the euro’s value against the dollar significantly in the short term. As of the reported period, there are no significant scheduled economic events which could have a direct influence on this currency pair.
What can we expect from EURUSD today?
EURUSD on Wednesday dropped -0.16% to 1.07819. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.07596 with break below could see further selling pressure towards S2 at 1.07374. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08067 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07609 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1.31%.
Key levels to watch out:
| R3 | 1.08512 |
| R2 | 1.0829 |
| R1 | 1.08054 |
| Daily Pivot | 1.07832 |
| S1 | 1.07596 |
| S2 | 1.07374 |
| S3 | 1.07138 |
