EURUSD on Wednesday dropped -0.42% to 1.09083. Pair in consolidation. Things to look out.
EURUSD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.42% | -45.7 Pips |  | ||
| Week to-date | 0.65% | 70.2 Pips | | ||
| April | 0.65% | 70.5 Pips |  | ||
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What happened lately
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. 📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. 📆 🇩🇪 EUR S&P Global/BME Composite PMI | Mar in March unchanged at 52.6 points compared to previous report in February. The actual figure is also in line with the forecast. 📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. 📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. 📆 🇩🇪 EUR S&P Global/BME Manufacturing PMI | Mar in March exceed forecast and rose to 44.7 points compared to previous figure 44.4 points in February.
What can we expect from EURUSD today?
EURUSD on Wednesday dropped -0.42% to 1.09083. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08757 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09696 or trades above daily pivot 1.09226. Break above could target R1 at 1.09553. While to the downside, we are looking at 1.08757 (S1) and daily low of 1.08900 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.08900 would indicate selling pressure.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.10349 |
| R2 | 1.10022 |
| R1 | 1.09553 |
| Daily Pivot | 1.09226 |
| S1 | 1.08757 |
| S2 | 1.0843 |
| S3 | 1.07961 |
You might be interested in:
U.S. International Trade in Goods and Services, February 2023. Bureau of Economic Analysis
Philip R. Lane: Monetary policy and inflation. European Central Bank U.S. International Trade in Goods and Services. Census Bureau Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
In February 2023, manufacturing output bounced back (+1.3%). INSEE February job openings and layoffs and discharges decrease; quits edge up. Bureau of Labor Statistics Publications Industrial producer prices down by 0.5% in the euro area and by 0.6% in the EU. Eurostat House prices up by 2.9% in the euro area. Eurostat Construction Spending. Census Bureau
Inflation rate expected in March 2023 +7.4%. Statistisches Bundesamt (Destatis)
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