EURUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.47%	50 Pips
Week to-date	0.54%	56.5 Pips
November	0.4%	42.6 Pips

Upcoming key events (London Time)

Fri 12:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in September exceed forecast and rose to 2.8% compared to previous figure 1, revised from 1.2% in August Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q3 preliminary estimate exceed forecast and rose to 4.7% compared to previous figure 3.5% in Q2 Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in October dropped to 36.836K compared to previous figure 47.457K in September
🇩🇪 Germany Unemployment Rate seasonal adjustment. in October rose to 5.8% compared to previous figure 5.7% in September Destatis
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Bureau of Labor Statistics

What can we expect from EURUSD today?

EURUSD on Thursday rose 0.47% to 1.06170. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Thursday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.06619 with break above could target R2 at 1.07069 or figure level area. While towards the downside, we are looking at daily low of 1.05834 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.06676 may suggest continuation after recent positive movement.

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

Key levels to watch out:

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Construction Spending. Census Bureau
Philip R. Lane: Monetary policy tightening in the euro area. European Central Bank
Federal Reserve issues FOMC statement. Federal Reserve
Housing Vacancies and Homeownership. Census Bureau
Rental Vacancy Rate. Census Bureau
In August 2023, manufacturing turnover went up slightly (+0.3%). INSEE
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Euro area annual inflation down to 2.9%. Eurostat
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In August 2023, sales volume in trade bounced back (+0.3%). INSEE
In October 2023, consumer prices increased by 4.0% year on year. INSEE
In September 2023 the industrial producer prices rose over a month (+0.7% after +0.8%) but continued to go down over a year (-2.8% after -3.2%). INSEE
Household consumption expenditure on goods rose slightly in September 2023 (+0.2%). INSEE
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Inflation rate expected to be +3.8% in October 2023. Statistisches Bundesamt (Destatis)
Gross domestic product in the third quarter of 2023 0.1% lower than in the previous quarter. Statistisches Bundesamt (Destatis)