• Mon. May 20th, 2024

EURUSD on Wednesday rose 0.61% to 1.09317. 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 0.61% 66.8 Pips
Week to-date 0.41% 44.8 Pips
March 1.17% 126.4 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

 🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
 🇺🇸 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 – Longer rose to 2.6% compared to previous rate 2.5%
 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
 🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
 🇪🇺 Euro Area Consumer Confidence in March flash estimate improved to -14.9 points compared to previous figure -15.5 points in February Source: DG ECFIN
 🇩🇪 Germany Producer Price Index (12-mth) in February improved to -4.1% compared to previous figure -4.4% in January
 🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau


What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.61% to 1.09317. Price is above 9-Day EMA while Stochastic is rising.

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 1.0964 with break above could target R2 at 1.09963 or figure level area. While towards the downside, we are looking at daily low of 1.08360 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09323 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 1.10603
R2 1.09963
R1 1.0964
Daily Pivot 1.09
S1 1.08677
S2 1.08037
S3 1.07714
On Key

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