EURUSD on Tuesday dropped -0.35% to 1.05778. End October up by 0.07% or 6.9 pips higher. What we know.

EURUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday-0.35%-36.8 Pips
Week to-date0.16%17.3 Pips
October0.07%6.9 Pips

Upcoming key events (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement

What happened lately

🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
🇪🇺 Euro Area GDP (seasonally adjusted) (3-mth) in Q3 preliminary estimate below forecast and dropped to -0.1% compared to previous figure 0.1% in Q2 Eurostat
🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in October preliminary estimate below forecast and dropped to 2.9% compared to previous figure 4.3% in September Eurostat
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth) in October preliminary estimate below forecast and dropped to 3% compared to previous figure 4.3% in September Destatis
🇩🇪 Germany CPI Inflation Rate (12-mth) in October preliminary estimate below forecast and dropped to 3.8% compared to previous figure 4.5% in September
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in October preliminary estimate below forecast and dropped to -0.2% compared to previous figure 0.2% in September
🇩🇪 Germany CPI Inflation Rate (1-mth) in October preliminary estimate below forecast and dropped to 0% compared to previous figure 0.3% in September
🇪🇺 Euro Area Business Climate (BCI) in October improved to -0.33 points compared to previous figure -0.36 points in September European Commission
🇩🇪 Germany GDP (12-mth) in Q3 preliminary estimate below forecast and dropped to -0.3% compared to previous figure -0.2% in Q2 Federal Statistical Office (Destatis)


EURUSD

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.35% to 1.05778. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 1.05316 with break below could see further selling pressure towards S2 at 1.04855. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.06749 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.05571 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to the prior week.

EURUSD ended month of October trading session up by 0.07% or 6.9 pips higher.

Key levels to watch out:

R31.07672
R21.07211
R11.06494
Daily Pivot1.06033
S11.05316
S21.04855
S31.04138

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Inflation rate expected to be +3.8% in October 2023. Statistisches Bundesamt (Destatis)
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Luis de Guindos: The euro area economy and our monetary policy stance. European Central Bank

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