EURUSD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.35% | -38.7 Pips |  |
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| Week to-date | 0.83% | 92 Pips |  |
||
| August | 2.71% | 293.1 Pips |  |
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Upcoming key events (London Time)
Fri 03:00 PM USD Federal Reserve Chair Jerome Powell speech Sat 01:00 AM USD Jackson Hole Symposium
What happened lately
🇪🇺 Euro Area Consumer Confidence in August’s flash estimate dropped to -13.4 points from -13 points in July. Source: DG ECFIN 🇺🇸 In the week ending 17 August, U.S. Initial Unemployment Insurance Claims rose to 232K compared to previous figure 228K (revised from 227K) Source: Department of Labor
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What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.35% to 1.11170. Price is above 9-Day EMA while Stochastic is falling in overbought 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 1.10881 with break below could see further selling pressure towards S2 at 1.10592. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.11649 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.10976 would indicate selling pressure.
For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.83% over the past few days.
Key levels to watch out:
| R3 | 1.12227 |
| R2 | 1.11938 |
| R1 | 1.11554 |
| Daily Pivot | 1.11265 |
| S1 | 1.10881 |
| S2 | 1.10592 |
| S3 | 1.10208 |
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