EURUSD on Thursday dropped -0.39% to 1.06672. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Thursday
Thursday-0.39%-41.8 Pips
Week to-date-0.59%-62.8 Pips
November0.88%92.8 Pips

Upcoming key events (London Time)

Fri 12:30 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇪🇺 Euro Area Retail Trade Turnover (12-mth) in September below forecast and dropped to -2.9% compared to previous figure -1.8, revised from -2.1% in August Eurostat
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth) in October unchanged at 3% compared to previous report in September. The actual figure is also in line with the forecast Destatis

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.39% to 1.06672. 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 1.06429 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07254 or trades above daily pivot 1.06841. Break above could target R1 at 1.07085. While to the downside, we are looking at 1.06429 (S1) and daily low of 1.06598 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06598 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 Pivot1.06841

You might be interested in:

Powell, Opening Remarks. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Volume of retail trade down by 0.3% in the euro area and by 0.2% in the EU. Eurostat
Inflation rate in October 2023 at +3.8%. Statistisches Bundesamt (Destatis)
Powell, Opening Remarks. Federal Reserve
Philip R. Lane: The transmission of monetary policy tightening and medium-term growth prospects. European Central Bank
Industrial producer prices up by 0.5% in the euro area and by 0.6% in the EU. Eurostat
U.S. International Trade in Goods and Services, September 2023. Bureau of Economic Analysis
U.S. International Trade in Goods and Services. Census Bureau

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