EURUSD on Wednesday rose 0.4% to 1.08984. What we know.

EURUSD on Wednesday rose 0.4% to 1.08984. What we know.

EURUSD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday 0.4% 43.7 Pips
Week to-date 0.57% 61.6 Pips
March 0.86% 93.1 Pips

Upcoming key events (London Time)

Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Fri 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Fri 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau
🇪🇺 Euro Area Producer Price Index (1-mth) in January unchanged at -0.9% compared to previous report in December.

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What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.4% to 1.08984. Price is above 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate upside resistance level is R1 at 1.09285 with break above could target R2 at 1.09587 or figure level area. While towards the downside, we are looking at daily low of 1.08418 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09153 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.57% over the past few days.

Key levels to watch out:

R3 1.1002
R2 1.09587
R1 1.09285
Daily Pivot 1.08852
S1 1.0855
S2 1.08117
S3 1.07815

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