• Sat. Dec 9th, 2023

EURUSD on Wednesday dropped -0.62% to 1.05039. What we know.

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 -0.62% -65.9 Pips
Week to-date -1.36% -144.6 Pips
September -3.14% -340.2 Pips

Upcoming key events (London Time)

  Thu 01:00 PM EUR CPI Inflation Rate (12-mth)
  Thu 01:30 PM USD GDP Annualized
  Thu 09:00 PM USD Federal Reserve Chair Jerome Powell speech
  Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
  Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
  Fri 01:30 PM USD Core Personal Consumption Expenditures – Price Index (1-mth)
  Fri 01:30 PM USD Core Personal Consumption Expenditures – Price Index (12-mth)

What happened lately

 🇺🇸 U.S. Durable Goods Orders in August rose to 0.2% compared to previous figure -5.6% (revised from -5.2%) Census Bureau
 🇺🇸 U.S. New-Home Sales Change (1-mth) in August below forecast and dropped to -8.7% compared to previous figure 4.4% in July
 🇺🇸 U.S. Housing Price Index (1-mth) in July exceed forecast and rose to 0.8% compared to previous figure 0.4, revised from 0.3% in June

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.62% to 1.05039. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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 1.04698 with break below could see further selling pressure towards S2 at 1.04357. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.05740 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.04878 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1.36%.

Key levels to watch out:

R3 1.06422
R2 1.06081
R1 1.0556
Daily Pivot 1.05219
S1 1.04698
S2 1.04357
S3 1.03836

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