• Wed. Jul 17th, 2024

EURUSD on Wednesday dropped -0.25% to 1.05640. Winners and losers.

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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 -0.25% -26 Pips
Week to-date -0.27% -29 Pips
October -0.07% -6.9 Pips

Upcoming key events (London Time)

  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM USD GDP Annualized
  Thu 01:45 PM EUR European Central Bank Press Conference
  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

 🇩🇪 Germany ifo Current Assessment in October exceed forecast and rose to 89.2 points compared to previous figure 88.7 points in September ifo Institute
 🇪🇺 Euro Area HCOB Eurozone Composite PMI in October preliminary estimate below forecast and dropped to 46.5 points compared to previous figure 47.2 points in September
 🇩🇪 Germany Gfk Consumer Confidence Survey in November exceed forecast and dropped to -28.1 points compared to previous figure -26.7, revised from -26.5 points in October GfK


EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.25% to 1.05640. 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 1.05494 with break below could see further selling pressure towards S2 at 1.05347. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.06067 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.05634 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 1.0636
R2 1.06213
R1 1.05927
Daily Pivot 1.0578
S1 1.05494
S2 1.05347
S3 1.05061
On Key

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