• Thu. Apr 18th, 2024

EURUSD on Wednesday dropped -0.28% to 1.08483. 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 -0.28% -30.4 Pips
Week to-date 1.53% 163.5 Pips
November 2.59% 273.9 Pips

Upcoming key events (London Time)

  Thu 11:30 AM EUR European Central Bank’s President Christine Lagarde speech

What happened lately

 🇺🇸 U.S. New York Empire State Manufacturing Index in November exceed forecast and rose to 9.1 points compared to previous figure -4.6 points in October
 🇺🇸 U.S. Producer Price Index (12-mth) in October below forecast and dropped to 1.3% compared to previous figure 2.2% in September
 🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in September exceed forecast and dropped to -1.1% compared to previous figure 0.6% in August
 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in October below forecast and dropped to 0.2% compared to previous figure 0.3% in September Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.2% compared to previous figure 3.7% in September Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate (1-mth) in October below forecast and dropped to 0% compared to previous figure 0.4% in September Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.1% in September Bureau of Labor Statistics
 🇪🇺 Euro Area ZEW Survey – Economic Sentiment in November exceed forecast and rose to 13.8 points compared to previous figure 2.3 points in October ZEW
 🇪🇺 Euro Area Employment Change (3-mth) in Q3 preliminary estimate exceed forecast and rose to 0.3% compared to previous figure 0.2% in Q2
 🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q3 preliminary estimate unchanged at 0.1% compared to previous report in Q2. The actual figure is also in line with the forecast Eurostat
 🇩🇪 Germany ZEW Indicator of Economic Sentiment in November exceed forecast and rose to 9.8 points compared to previous figure -1.1 points in October ZEW
 🇪🇺 Euro Area GDP (seasonally adjusted) (3-mth) in Q3 preliminary estimate unchanged at -0.1% compared to previous report in Q2. The actual figure is also in line with the forecast Eurostat
 🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in November exceed forecast and improved to -79.8 points compared to previous figure -79.9 points in October ZEW


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.28% to 1.08483. 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 1.08244 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08861 or trades above daily pivot 1.08552. Break above could target R1 at 1.08792. While to the downside, we are looking at 1.08244 (S1) and daily low of 1.08313 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08313 would indicate selling pressure.

For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 1.53% over the past few days.

Key levels to watch out:

R3 1.0934
R2 1.091
R1 1.08792
Daily Pivot 1.08552
S1 1.08244
S2 1.08004
S3 1.07696
On Key

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