EURUSD on Tuesday rose 0.01% to 1.08581. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday0.01%1.5 Pips
Week to-date0.2%21.3 Pips
March0.49%52.8 Pips

Upcoming key events (London Time)

Wed 10:00 AM EUR Retail Trade Turnover (12-mth)
Wed 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau
🇪🇺 Euro Area Producer Price Index (1-mth) in January unchanged at -0.9% compared to previous report in December.
🇪🇺 Euro Area Sentix Investor Confidence in March improved to -10.5 points compared to previous figure -12.9 points in February

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What can we expect from EURUSD today?

EURUSD on Tuesday rose 0.01% to 1.08581. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.08401 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.08762 or trades above daily pivot 1.08581. Break above could target R1 at 1.08762. While to the downside, we are looking at 1.08401 (S1) and daily low of 1.08401 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.08762 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:

R31.09123
R21.08942
R11.08762
Daily Pivot1.08581
S11.08401
S21.0822
S31.0804

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