• Sat. Jun 15th, 2024

EURUSD on Wednesday dropped -0.28% to 1.08247. 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 -0.28% -30.3 Pips
Week to-date -0.39% -42.7 Pips
May 1.46% 155.7 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

 🇩🇪 Germany Producer Price Index (12-mth) in April dropped to -3.3% compared to previous figure -2.9% in March

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.28% to 1.08247. 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 1.08066 with break below could see further selling pressure towards S2 at 1.07886. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08635 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08170 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 1.08996
R2 1.08816
R1 1.08531
Daily Pivot 1.08351
S1 1.08066
S2 1.07886
S3 1.07601
On Key

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