EURUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.35% | -38.1 Pips |  |
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| Week to-date | -0.16% | -17.3 Pips | |
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| March | -0.16% | -17.6 Pips |  |
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Upcoming key events (London Time)
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth) Fri 03:30 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 U.S. Michigan Index of Consumer Sentiment in March rose to 79.4 points compared to previous figure 76.5 points in February Source: University of Michigan 🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in March dropped to 2.8% compared to previous figure 2.9% in February Source: University of Michigan 🇺🇸 In the week ending 23 March, U.S. Initial Unemployment Insurance Claims dropped to 210K compared to previous figure 212K (revised from 210K) Source: Department of Labor
🇩🇪 Germany Unemployment Change in March dropped to 4K compared to previous figure 11K in February Source: Destatis 🇩🇪 Germany Retail Trade Turnover (12-mth) in February dropped to -2.7% compared to previous figure -1.4% in January Source: Destatis 🇩🇪 Germany Retail Trade (1-mth) in February dropped to -1.9% compared to previous figure -0.4% in January Source: Destatis
🇪🇺 Euro Area Business Climate (BCI) in March dropped to -0.42 points compared to previous figure -0.41 points (revised from -0.42 points) Source: European Commission
Latest from X (Twitter)
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.35% to 1.07877. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.07662 with break below could see further selling pressure towards S2 at 1.07446. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08265 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07748 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.16%.
Key levels to watch out:
| R3 | 1.08696 |
| R2 | 1.0848 |
| R1 | 1.08179 |
| Daily Pivot | 1.07963 |
| S1 | 1.07662 |
| S2 | 1.07446 |
| S3 | 1.07145 |
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