• Thu. May 30th, 2024

EURUSD on Wednesday dropped -0.29% to 1.08137. End January down by -2.03% or -223.7 pips lower. 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 -0.29% -31 Pips
Week to-date -0.35% -37.5 Pips
January -2.03% -223.7 Pips

Upcoming key events (London Time)

  Thu 10:00 AM EUR Harmonized Index of Consumer Prices (HICP) (1-mth)
  Thu 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
  Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 🇺🇸 U.S. Employment Cost Index in Q4 below forecast and dropped to 0.9% compared to previous figure 1.1% in Q3
 🇩🇪 Germany CPI Inflation Rate (12-mth) in January preliminary estimate below forecast and dropped to 2.9% compared to previous figure 3.7% in December
 🇩🇪 Germany Unemployment Change in January below forecast and dropped to -2K compared to previous figure 5K in December Source: Destatis
 🇩🇪 Germany Retail Trade (1-mth) in December below forecast and improved to -1.6% compared to previous figure -2.5% in November Source: Destatis
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
 🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.
 🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q4 preliminary estimate rose to 0.1% compared to previous figure 0% in Q3 Source: Eurostat
 🇪🇺 Euro Area Economic Sentiment Indicator in January dropped to 96.2 points compared to previous figure 96.3 points (revised from 96.4 points)
 🇩🇪 Germany GDP (12-mth) in Q4 preliminary estimate improved to -0.2% compared to previous figure -0.4% in Q3 Source: Federal Statistical Office (Destatis)

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.29% to 1.08137. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.07765 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08874 or trades above daily pivot 1.08319. Break above could target R1 at 1.08692. While to the downside, we are looking at 1.07765 (S1) and daily low of 1.07947 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.07947 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to the prior week.

EURUSD ended month of January trading session down by -2.03% or -223.7 pips lower.

Key levels to watch out:

R3 1.09619
R2 1.09246
R1 1.08692
Daily Pivot 1.08319
S1 1.07765
S2 1.07392
S3 1.06838
On Key

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