EURUSD on Wednesday rose 0.29% to 1.08852. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.29%31.1 Pips
Week to-date-0.1%-10.8 Pips
January-1.38%-152.2 Pips

Upcoming key events (London Time)

Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇪🇺 Euro Area HCOB Eurozone Manufacturing PMI in January preliminary estimate exceed forecast and rose to 46.6 points compared to previous figure 44.4 points in December
🇪🇺 Euro Area Consumer Confidence in January preliminary estimate exceed forecast and dropped to -16.1 points compared to previous figure -15 points in December Source: DG ECFIN

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What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.29% to 1.08852. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08467 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.09323 or trades above daily pivot 1.08895. Break above could target R1 at 1.0928. While to the downside, we are looking at 1.08467 (S1) and daily low of 1.08510 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.09323 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:

R31.10093
R21.09708
R11.0928
Daily Pivot1.08895
S11.08467
S21.08082
S31.07654

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