EURUSD on Thursday rose 0.03% to 1.08731. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Thursday
Thursday0.03%3.5 Pips
Week to-date-0.64%-70.5 Pips
August-1.12%-123.7 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 In the week ending 12 August, U.S. Initial Unemployment Insurance Claims dropped to 239K compared to previous figure 250K (revised upward from 248K) Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in August exceed forecast and rose to 12 points compared to previous figure -13.5 points in July
🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇪🇺 Euro Area Employment Change (3-mth) in Q2 preliminary estimate dropped to 0.2% compared to previous figure 0.6% in Q1
🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q2 preliminary estimate unchanged at 0.6% compared to previous report in Q1. The actual figure is also in line with the forecast Eurostat

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday rose 0.03% to 1.08731. 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 1.08467 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09182 or trades above daily pivot 1.08824. Break above could target R1 at 1.09089. While to the downside, we are looking at 1.08467 (S1) and daily low of 1.08560 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.09182 may suggest continuation after recent positive movement.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.64%.

Key levels to watch out:

Daily Pivot1.08824

You might be interested in:

GDP up by 0.3% and employment up by 0.2% in the euro area. Eurostat
Industrial production up by 0.5% in the euro area and by 0.4% in the EU. Eurostat
Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau

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