Forex

EURUSD on Thursday rose 0.26% to 1.07922. Pair in consolidation. What we know.

EURUSD on Thursday rose 0.26% to 1.07922. Pair in consolidation. What we know.
EURUSD on Thursday rose 0.26% to 1.07922.  Pair in consolidation. What we know.

EURUSD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday 0.26% 27.9 Pips
Week to-date -0.82% -89.6 Pips
December -0.86% -93.9 Pips

Upcoming key events (London Time)

Fri 07:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

?? U.S. Challenger Job Cuts in November rose to 45.51K compared to previous figure 36.836K in October
?? Euro Area Employment Change (3-mth) in Q3 rose to 0.2% compared to previous figure 0.1% (revised from 0.3%)
?? Euro Area GDP (seasonally adjusted) (3-mth) in Q3 unchanged at -0.1% compared to previous report in Q2. The actual figure is also in line with the forecast Source: Eurostat
?? Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in October rose to -3.5% compared to previous figure -3.6% (revised from -3.7%)
?? U.S. Nonfarm Business Labor Productivity in Q3 exceed forecast and rose to 5.2% compared to previous figure 4.7% in Q2 Source: Bureau of Labor Statistics
?? Euro Area Retail Trade Turnover (12-mth) in October exceed forecast and improved to -1.2% compared to previous figure -2.9% in September Source: Eurostat
?? Euro Area Retail Trade Turnover (1-mth) in October below forecast and rose to 0.1% compared to previous figure -0.1, revised from -0.3% in September
?? Germany Factory Orders n.seasonal adjustment. (12-mth) in October exceed forecast and dropped to -7.3% compared to previous figure -4.3% in September
?? Germany Factory Orders seasonal adjustment. (1-mth) in October below forecast and dropped to -3.7% compared to previous figure 0.2% in September

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What can we expect from EURUSD today?

EURUSD on Thursday rose 0.26% to 1.07922. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.07588 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08175 or trades above daily pivot 1.07882. Break above could target R1 at 1.08215. While to the downside, we are looking at 1.07588 (S1) and daily low of 1.07548 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.08175 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.82%.

Key levels to watch out:

R3 1.08842
R2 1.08509
R1 1.08215
Daily Pivot 1.07882
S1 1.07588
S2 1.07255
S3 1.06961

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