• Sat. Jun 15th, 2024

EURUSD on Wednesday dropped -0.51% to 1.08018. 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 -0.51% -55.1 Pips
Week to-date -0.4% -43.2 Pips
May 1.24% 132.8 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD GDP Annualized
  Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
  Fri 10:00 AM EUR Harmonized Index of Consumer Prices (HICP) (1-mth)
  Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
  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 CPI Inflation Rate (12-mth) in May flash estimate rose to 2.4% compared to previous figure 2.2% in April
 🇩🇪 Germany Gfk Consumer Confidence Survey in June improved to -20.9 points compared to previous figure -24, revised from -24.2 points in May Source: GfK
 🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.1% compared to previous figure 1.2% in February


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.51% to 1.08018. 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 1.0781 with break below could see further selling pressure towards S2 at 1.07602. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08588 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07991 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.4%.

Key levels to watch out:

R3 1.09004
R2 1.08796
R1 1.08407
Daily Pivot 1.08199
S1 1.0781
S2 1.07602
S3 1.07213
On Key

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