EURUSD on Thursday dropped -0.83% to 1.05317. What you need to know.

EURUSD Analysis

Performance after Thursday
Thursday-0.83%-88.3 Pips
Week to-date-0.51%-54 Pips
October-0.37%-39.2 Pips

Upcoming key events (London Time)

Fri 02:00 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 In the week ending 07 October, U.S. Initial Unemployment Insurance Claims rose to 209K compared to previous figure 207K Department of Labor
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in September dropped to 4.1% compared to previous figure 4.3% in August Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in September exceed forecast and rose to 2.2% compared to previous figure 2, revised from 1.6% in August


What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.83% to 1.05317. Price is below 9-Day EMA while Stochastic is rising.

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 1.04906 with break below could see further selling pressure towards S2 at 1.04494. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.06397 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.05240 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:

Daily Pivot1.05651

You might be interested in:

Inflation rate in September 2023 at +4.5%. Statistisches Bundesamt (Destatis)
Minutes of the Federal Open Market Committee, September 19-20, 2023. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

Leave a comment

Your email address will not be published. Required fields are marked *