• Thu. Apr 18th, 2024

EURUSD on Wednesday rose 0.79% to 1.08800. 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 0.79% 85.7 Pips
Week to-date 1.11% 119.2 Pips
December -0.06% -6.1 Pips

Upcoming key events (London Time)

  Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM USD Monthly Retail Trade (1-mth)
  Thu 01:45 PM EUR European Central Bank Press Conference

What happened lately

 🇺🇸 U.S. Interest Rate Projections – Longer unchanged at 2.5% compared to previous rate 2.5%
 🇺🇸 U.S. Interest Rate Projections – 3rd year unchanged at 2.9% compared to previous rate 2.9%
 🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.6% compared to previous rate 3.9%
 🇺🇸 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 dropped to 5.4% compared to previous rate 5.6%
 🇺🇸 U.S. Interest Rate Projections – 1st year dropped to 4.6% compared to previous rate 5.1%
 🇺🇸 U.S. Producer Price Index (1-mth) in November below forecast and rose to 0% compared to previous figure -0.4, revised from -0.5% in October
 🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in October exceed forecast and improved to -0.7% compared to previous figure -1, revised from -1.1% in September
 🇺🇸 U.S. Monthly Budget Statement in November exceed forecast and dropped to -314$ compared to previous figure -67$ in October Source: Bureau of the Fiscal Service
 🇺🇸 U.S. CPI Inflation Rate (12-mth) in November dropped to 3.1% compared to previous figure 3.2% in October Source: Bureau of Labor Statistics


What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.79% to 1.08800. 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 1.09268 with break above could target R2 at 1.09735 or figure level area. While towards the downside, we are looking at daily low of 1.07729 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08966 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 1.10505
R2 1.09735
R1 1.09268
Daily Pivot 1.08498
S1 1.08031
S2 1.07261
S3 1.06794
On Key

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