EURUSD on Tuesday dropped -0.08% to 1.08639. What happened.

EURUSD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday-0.08%-8.2 Pips
Week to-date-0.21%-23 Pips
March0.54%58.6 Pips

Upcoming key events (London Time)

Wed 08:45 AM EUR European Central Bank’s President Christine Lagarde speech
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:00 PM USD FOMC Economic Projections
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

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What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.08% to 1.08639. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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 1.08401 with break below could see further selling pressure towards S2 at 1.08162. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08766 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08345 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.21%.

Key levels to watch out:

R31.09243
R21.09004
R11.08822
Daily Pivot1.08583
S11.08401
S21.08162
S31.0798

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