EURUSD on Thursday rose 0.39% to 1.0584. Looking bullish. What you need to know before the next trade.

EURUSD on Thursday rose 0.39% to 1.0584. Looking bullish. What you need to know before the next trade.

Open High Low Close
1.05492 1.05912 1.05377 1.05845

Performance after Thursday
Period Pct Chg Momentum
Thursday 0.39% 41.5 Pips
Week to-date -0.46% -49.2 Pips
March -0.11% -12.1 Pips

Upcoming key events (London Time)

Fri 07:00 AM EUR Harmonised Indices of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
Fri 03:00 PM EUR European Central Bank’s President Lagarde speech

What happened lately

πŸ‡ΊπŸ‡Έ πŸ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
πŸ“† πŸ‡ΊπŸ‡Έ USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
πŸ“† ☒️ πŸ‡ͺπŸ‡Ί EUR GDP (3-mth) in Q4 dropped to 0% compared to previous figure 0.1% in Q3. Source
πŸ“† πŸ‡©πŸ‡ͺ EUR Retail Trade Turnover (1-month) in January below forecast and improved to -0.3% compared to previous figure -5.3% in December. Source

What can we expect from EURUSD today?

EURUSD on Thursday rose 0.39% to 1.0584. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Thursday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.06046 (R1) while on the downside, we are looking at daily low of 1.0538 as an important support. Break below this level could weaken the current bullish momentum. EURUSD need to break on either side to indicate a short-term bias. A break above 1.0591 would suggest bullish bias after recent positive movement.

For the week to-date, take note that EURUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.06581
R2 1.06246
R1 1.06046
Daily Pivot 1.05711
S1 1.05511
S2 1.05176
S3 1.04976

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