• Thu. May 30th, 2024

EURUSD on Wednesday rose 0.42% to 1.07140. 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 0.42% 45 Pips
Week to-date 0.2% 21.8 Pips
May 0.42% 45 Pips

Upcoming key events (London Time)

  Fri 01:30 PM USD Average Hourly Earnings (1-mth)
  Fri 01:30 PM USD Average Hourly Earnings (12-mth)
  Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in March dropped to 8.488M compared to previous figure 8.813, revised from 8.756M in February Source: Bureau of Labor Statistics
 🇺🇸 U.S. Housing Price Index (1-mth) in February rose to 1.2% compared to previous figure -0.1% in January
 🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q1 flash estimate rose to 0.4% compared to previous figure 0.1% in Q4 Source: Eurostat
 🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in April flash estimate unchanged at 2.4% compared to previous report in March. Source: Eurostat
 🇩🇪 Germany Gross Domestic Product WDA (12-mth) in Q1 flash estimate dropped to -0.9% compared to previous figure -0.4% in Q4 Source: Federal Statistical Office (Destatis)
 🇩🇪 Germany Unemployment Rate seasonal adjustment. in April unchanged at 5.9% compared to previous report in March. Source: Destatis
 🇩🇪 Germany Retail Trade (1-mth) in March rose to 1.8% compared to previous figure -1.9% in February Source: Destatis

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.42% to 1.07140. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06644 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07328 or trades above daily pivot 1.06986. Break above could target R1 at 1.07482. While to the downside, we are looking at 1.06644 (S1) and daily low of 1.06490 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07328 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 1.0832
R2 1.07824
R1 1.07482
Daily Pivot 1.06986
S1 1.06644
S2 1.06148
S3 1.05806
On Key

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