EURUSD on Thursday dropped -0.24% to 1.08321. Pair in consolidation. What we know.

EURUSD on Thursday dropped -0.24% to 1.08321. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.24% -25.9 Pips
Week to-date 1.51% 161.2 Pips
March 2.37% 250.6 Pips

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

EURUSD Chart by TradingView

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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