EURUSD on Tuesday rose 0.1% to 1.08431. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday0.1%10.3 Pips
Week to-date-0.07%-8.1 Pips
January-1.76%-194.3 Pips

Upcoming key events (London Time)

Wed 07:00 AM EUR Retail Trade Turnover (12-mth)
Wed 01:00 PM EUR CPI Inflation Rate (12-mth)
Wed 01:00 PM EUR CPI Inflation Rate (1-mth)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Thu 10:00 AM EUR Harmonized Index of Consumer Prices (HICP) (1-mth)
Thu 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.
🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q4 preliminary estimate rose to 0.1% compared to previous figure 0% in Q3 Source: Eurostat
🇪🇺 Euro Area Economic Sentiment Indicator in January dropped to 96.2 points compared to previous figure 96.3 points (revised from 96.4 points)
🇩🇪 Germany GDP (12-mth) in Q4 preliminary estimate improved to -0.2% compared to previous figure -0.4% in Q3 Source: Federal Statistical Office (Destatis)

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What can we expect from EURUSD today?

EURUSD on Tuesday rose 0.1% to 1.08431. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08174 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08573 or trades above daily pivot 1.08374. Break above could target R1 at 1.0863. While to the downside, we are looking at 1.08174 (S1) and daily low of 1.08117 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.08573 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:

R31.09086
R21.0883
R11.0863
Daily Pivot1.08374
S11.08174
S21.07918
S31.07718

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