EURUSD on Tuesday dropped -0.65% to 1.08766. What we know.

EURUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday-0.65%-71.7 Pips
Week to-date-0.65%-71.7 Pips
January-1.46%-160.8 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD Monthly Retail Trade (1-mth)
Wed 03:15 PM EUR European Central Bank’s President Christine Lagarde speech

What happened lately

🇪🇺 Euro Area ZEW Survey – Economic Sentiment in January exceed forecast and dropped to 22.7 points compared to previous figure 23 points in December Source: ZEW
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth) in December unchanged at 3.8% compared to previous report in November. The actual figure is also in line with the forecast Source: Destatis
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in November improved to -0.3% compared to previous figure -0.7% in October

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What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.65% to 1.08766. Price is below 9-Day EMA while Stochastic is falling.

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 1.08437 with break below could see further selling pressure towards S2 at 1.08108. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09461 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08620 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.65%.

Key levels to watch out:

R31.10119
R21.0979
R11.09278
Daily Pivot1.08949
S11.08437
S21.08108
S31.07596

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