EURUSD on Wednesday rose 0.74% to 1.0404. End November up by 5.29% or 446.2 pips higher. Bullish momentum. What you need to know.

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Wednesday
Open High Low Close
1.03283 1.04288 1.02880 1.04041
Performance after Wednesday
Period Pct Chg Momentum
Wednesday 0.74% 76.1 Pips
Week to-date 0.28% 29.1 Pips
November 5.29% 446.2 Pips

Upcoming key events (London Time)

Thu 07:00 AM EUR Retail Sales (YoY)
Thu 03:00 PM USD ISM Manufacturing PMI
Fri 01:30 PM USD Nonfarm Payrolls

What happened lately

📆 🇺🇸 USD Pending Home Sales (MoM) in October below forecast and improved to -4.6% compared to previous figure -8.7, revised from -10.2% in September. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in November below forecast and dropped to 37.2 points compared to previous figure 45.2 points in October. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q3 preliminary estimate exceed forecast and rose to 2.9% compared to previous figure 2.6% in Q2. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q3 preliminary estimate exceed forecast and rose to 4.6% compared to previous figure 4.5% in Q2. Source
📆 ☢️ 🇺🇸 USD ADP Employment Change in November below forecast and dropped to 127K compared to previous figure 239K in October. Source
📆 🇪🇺 EUR Harmonized Index of Consumer Prices (MoM) in November preliminary estimate below forecast and dropped to -0.1% compared to previous figure 1.5% in October. Source
📆 🇪🇺 EUR Core Harmonized Index of Consumer Prices (MoM) in November preliminary estimate below forecast and dropped to 0% compared to previous figure 0.6% in October. Source
📆 ☢️ 🇪🇺 EUR Core Harmonized Index of Consumer Prices (YoY) in November preliminary estimate unchanged at 5% compared to previous report in October. The actual figure is also in line with the forecast. Source
📆 ☢️ 🇪🇺 EUR Harmonized Index of Consumer Prices (YoY) in November preliminary estimate below forecast and dropped to 10% compared to previous figure 10.6% in October. Source
📆 🇩🇪 EUR Unemployment Change in November exceed forecast and rose to 17K compared to previous figure 8K in October. Source
📆 🇺🇸 USD Housing Price Index (MoM) in September exceed forecast and rose to 0.1% compared to previous figure -0.7% in August. Source
📆 🇺🇸 USD S&P/Case-Shiller Home Price Indices (YoY) in September below forecast and dropped to 10.4% compared to previous figure 13.1% in August. Source
📆 🇪🇺 EUR Consumer Confidence in November unchanged at -23.9 points compared to previous report in October. The actual figure is also in line with the forecast. Source


What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.74% to 1.0404. Price is above 9-Day EMA while Stochastic is falling.

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 at 1.04593 (R1) while on the downside, we are looking at daily low of 1.0288 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 1.0429 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.

EURUSD ended month of November trading session up by 5.29% or 446.2 pips higher.

Key levels to watch out:

R3 1.06001
R2 1.05144
R1 1.04593
Daily Pivot 1.03736
S1 1.03185
S2 1.02328
S3 1.01777

You might also be interested in:

Gross Domestic Product, (Second Estimate) and Corporate Profits (Preliminary), 3rd Quarter 2022 Source: Bureau of Economic Analysis
Minutes of the Board’s discount rate meetings on October 3 through November 2, 2022 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advanced Monthly Sales for Retail and Food Services Source: Census Bureau
Gross domestic product: Detailed results on economic performance in the 3rd quarter of 2022 Source: Statistisches Bundesamt (Destatis)

Last updated: 02:54 am UTC, 01-Dec 2022

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