EURUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.6% | -65.7 Pips |  |
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| Week to-date | -0.92% | -101.1 Pips | |
||
| May | -0.89% | -97.7 Pips |  |
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Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 06 May, the Initial Unemployment Insurance Claims rose to 264K compared to previous figure 242K Department of Labor 🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.6% to 1.09163. Price is below 9-Day EMA while Stochastic is falling.
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 1.08775 with break below could see further selling pressure towards S2 at 1.08387. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09981 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08990 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.92%.
Key levels to watch out:
| R3 | 1.10757 |
| R2 | 1.10369 |
| R1 | 1.09766 |
| Daily Pivot | 1.09378 |
| S1 | 1.08775 |
| S2 | 1.08387 |
| S3 | 1.07784 |
You might be interested in:
In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Inflation rate in April 2023 at +7.2%. Statistisches Bundesamt (Destatis)
Isabel Schnabel: Challenges for monetary policy at times of high inflation. European Central Bank Philip R. Lane: Inflation and monetary policy. European Central Bank
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