• Sat. Jul 20th, 2024

🇪🇺 🇺🇸 EURUSD on Wednesday dropped -0.66% to 1.09451. 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 -0.66% -73 Pips
Week to-date -0.63% -69.6 Pips
August -0.47% -51.7 Pips

Upcoming key events (London Time)

  Thu 08:55 AM EUR HCOB Composite PMI
  Thu 08:55 AM EUR HCOB Services PMI
  Thu 09:00 AM EUR HCOB Eurozone Composite PMI
  Thu 01:30 PM USD Initial Unemployment Insurance Claims
  Thu 03:00 PM USD ISM Services PMI
  Fri 10:00 AM EUR Retail Trade Turnover (12-mth)
  Fri 01:30 PM USD Average Hourly Earnings (12-mth)
  Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

 🇺🇸 U.S. ADP Non-Farm Employment Change in July exceed forecast and dropped to 324K compared to previous figure 497K in June
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)
 🇪🇺 Euro Area Unemployment Rate in June unchanged at 6.4% compared to previous report in May.
 🇩🇪 Germany Unemployment Change in June below forecast and dropped to -4K compared to previous figure 28K in May

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.66% to 1.09451. 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 1.09039 (S1) with break below could see further selling pressure towards 1.08626 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.10126 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.09170 would indicate selling pressure.For the week to-date, take note that EURUSD is mixed as compared to prior week.

Key levels to watch out:

R3 1.10951
R2 1.10538
R1 1.09995
Daily Pivot 1.09582
S1 1.09039
S2 1.08626
S3 1.08083
On Key

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