• Mon. May 20th, 2024

EURUSD on Wednesday dropped -0.18% to 1.08123. 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 -0.18% -19.3 Pips
Week to-date 0.07% 7.3 Pips
March 0.06% 7 Pips

Upcoming key events (London Time)

  Thu 07:00 AM EUR Retail Trade Turnover (12-mth)
  Thu 12:30 PM USD GDP Annualized
  Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
  Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

 🇪🇺 Euro Area Business Climate (BCI) in March dropped to -0.42 points compared to previous figure -0.41 points (revised from -0.42 points) Source: European Commission
 🇺🇸 U.S. Housing Price Index (1-mth) in January dropped to -0.1% compared to previous figure 0.1% in December
 🇺🇸 U.S. Durable Goods Orders in February rose to -6.1% compared to previous figure -6.9% (revised from -6.1%) Source: Census Bureau
 🇩🇪 Germany Gfk Consumer Confidence Survey in April improved to -27.4 points compared to previous figure -28.8, revised from -29 points in March Source: GfK

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.18% to 1.08123. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

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 1.08017 with break below could see further selling pressure towards S2 at 1.07911. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08391 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08098 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 1.08603
R2 1.08497
R1 1.0831
Daily Pivot 1.08204
S1 1.08017
S2 1.07911
S3 1.07724

On Key

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