EURUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.24% | -25.9 Pips |  |
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| Week to-date | 1.51% | 161.2 Pips |  |
||
| March | 2.37% | 250.6 Pips | |
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Upcoming key events (London Time)
Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft
What happened lately
📆 🇪🇺 EUR Consumer Confidence in March preliminary estimate exceed forecast and rose to 19.2 points compared to previous figure -19 points in February. Source 📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source 📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
📆 🇩🇪 EUR ZEW Survey – Economic Sentiment in March below forecast and dropped to 13 points compared to previous figure 28.1 points in February. Source
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.24% to 1.08321. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.07934 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09300 or trades above daily pivot 1.08617. While to the downside, the daily low of 1.08230 and 1.07934 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08230 would indicate selling pressure.
For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 1.51% over the past few days.
Key levels to watch out:
| R3 | 1.10074 |
| R2 | 1.09687 |
| R1 | 1.09004 |
| Daily Pivot | 1.08617 |
| S1 | 1.07934 |
| S2 | 1.07547 |
| S3 | 1.06864 |
You might be interested in:
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Philip R. Lane: Monetary policy in Europe: The Role of Monetary Union Source: European Central Bank Index Suggests Economic Growth Declined in February Source: Chicago Fed Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve Federal Reserve issues FOMC statement Source: Federal Reserve Philip R. Lane: Inflation and Monetary Policy Source: European Central Bank
Growth is holding up, inflation too Source: INSEE Between October 2022 and January 2023, rents increased by 1.4% Source: INSEE Production in construction up by 3.9% in the euro area and by 3.5% in the EU Source: Eurostat
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