• Sun. Jul 14th, 2024

EURUSD on Wednesday rose 0.32% to 1.08135. 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 0.32% 34.6 Pips
Week to-date -0.36% -39.5 Pips
June -0.2% -21.9 Pips

Upcoming key events (London Time)

  Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
  Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

 🇺🇸 U.S. Interest Rate Projections – 2nd year unchanged at 3.1% compared to previous rate 3.1%
 🇺🇸 U.S. Interest Rate Projections rose to 5.1% compared to previous rate 4.6%
 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and rose to 4.1% compared to previous rate 3.9%
 🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.8% compared to previous rate 2.6%
 🇺🇸 U.S. Monthly Budget Statement in May dropped to -347$ compared to previous figure 209.5$ in April Source: Bureau of the Fiscal Service
 🇺🇸 U.S. CPI Inflation Rate (1-mth) in May dropped to 0% compared to previous figure 0.3% in April Source: Bureau of Labor Statistics
 🇺🇸 U.S. CPI Inflation Rate (12-mth) in May dropped to 3.3% compared to previous figure 3.4% in April Source: Bureau of Labor Statistics
 🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in May unchanged at 0.2% compared to previous report in April.

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.32% to 1.08135. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.08658 with break above could target R2 at 1.0918 or figure level area. While towards the downside, we are looking at daily low of 1.07343 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08523 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 1.09838
R2 1.0918
R1 1.08658
Daily Pivot 1.08
S1 1.07478
S2 1.0682
S3 1.06298
On Key

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