• Thu. May 30th, 2024

EURUSD on Wednesday rose 0.21% to 1.07301. 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 0.21% 22.2 Pips
Week to-date -0.48% -52 Pips
February -0.81% -87.9 Pips

Upcoming key events (London Time)

  Thu 08:00 AM EUR European Central Bank’s President Christine Lagarde speech
  Thu 01:30 PM USD Monthly Retail Trade (1-mth)
  Fri 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)

What happened lately

 🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q4 flash estimate unchanged at 0.1% compared to previous report in Q3. Source: Eurostat
 🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
 🇪🇺 Euro Area ZEW Survey – Economic Sentiment in February rose to 25 points compared to previous figure 22.7 points in January Source: ZEW
 🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in February dropped to -81.7 points compared to previous figure -77.3 points in January Source: ZEW
 🇩🇪 Germany ZEW Indicator of Economic Sentiment in February rose to 19.9 points compared to previous figure 15.2 points in January Source: ZEW


What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.21% to 1.07301. 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 1.07049 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07344 or trades above daily pivot 1.07197. Break above could target R1 at 1.07448. While to the downside, we are looking at 1.07049 (S1) and daily low of 1.06945 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07344 may suggest continuation after recent positive movement.

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

Key levels to watch out:

R3 1.07847
R2 1.07596
R1 1.07448
Daily Pivot 1.07197
S1 1.07049
S2 1.06798
S3 1.0665
On Key

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