EURUSD Analysis
Performance after Wednesday | |||||
Period | Pct | Chg | Momentum | ||
Wednesday | 0.08% | 8.3 Pips | |||
Week to-date | -0.2% | -21.9 Pips | |||
November | 1.26% | 133.7 Pips |
Upcoming key events (London Time)
Thu 05:30 PM EUR European Central Bank’s President Christine Lagarde speech
Thu 07:00 PM USD Federal Reserve Chair Jerome Powell speech
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇪🇺 Euro Area Retail Trade Turnover (12-mth) in September below forecast and dropped to -2.9% compared to previous figure -1.8, revised from -2.1% in August Eurostat
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth) in October unchanged at 3% compared to previous report in September. The actual figure is also in line with the forecast Destatis
🇪🇺 Euro Area Producer Price Index (12-mth) in September below forecast and dropped to -12.4% compared to previous figure -11.5% in August
🇪🇺 Euro Area Producer Price Index (1-mth) in September dropped to 0.5% compared to previous figure 0.7, revised from 0.6% in August
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in September exceed forecast and dropped to -3.7% compared to previous figure -2% in August
🇩🇪 Germany Industrial Production seasonal adjustment. (1-mth) in September exceed forecast and dropped to -1.4% compared to previous figure -0.2% in August
What can we expect from EURUSD today?
EURUSD on Wednesday rose 0.08% to 1.07081. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06727 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07160 or trades above daily pivot 1.06944. Break above could target R1 at 1.07297. While to the downside, we are looking at 1.06727 (S1) and daily low of 1.06590 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07160 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out:
R3 | 1.07867 |
R2 | 1.07514 |
R1 | 1.07297 |
Daily Pivot | 1.06944 |
S1 | 1.06727 |
S2 | 1.06374 |
S3 | 1.06157 |
You might be interested in:
Powell, Opening Remarks. Federal Reserve
Philip R. Lane: The transmission of monetary policy tightening and medium-term growth prospects. European Central Bank
Industrial producer prices up by 0.5% in the euro area and by 0.6% in the EU. Eurostat
U.S. International Trade in Goods and Services, September 2023. Bureau of Economic Analysis
U.S. International Trade in Goods and Services. Census Bureau