EURUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.58% | -63 Pips |  |
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| Week to-date | -0.65% | -71 Pips | |
||
| May | -2.16% | -238 Pips |  |
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Upcoming key events (London Time)
Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau
🇪🇺 Harmonized Index of Consumer Prices (HICP) (1-mth) in April below forecast and dropped to 0.6% compared to previous figure 0.7% in March Eurostat
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.58% to 1.07760. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.0742 with break below could see further selling pressure towards S2 at 1.0708. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08480 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07610 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.65%.
Key levels to watch out:
| R3 | 1.0916 |
| R2 | 1.0882 |
| R1 | 1.0829 |
| Daily Pivot | 1.0795 |
| S1 | 1.0742 |
| S2 | 1.0708 |
| S3 | 1.0655 |
You might be interested in:
Annual inflation up to 7.0% in the euro area. Eurostat
New Residential Construction. Census Bureau Manufacturing and Trade Inventories and Sales. Census Bureau
In April 2023, oil prices bounced back, those of industrial raw materials fell sharply. INSEE In Q1 2023, the unemployment rate was stable at 7.1%. INSEE GDP up by 0.1% and employment up by 0.6% in the euro area. Eurostat Euro area international trade in goods surplus €25.6 bn. Eurostat Advanced Monthly Sales for Retail and Food Services. Census Bureau In Q1 2023, collective tourist attendance rose by 12.6% year on year. INSEE
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