EURUSD on Thursday dropped -0.63% to 1.0599. Pair in consolidation. Winners and losers.



Thursday
Open High Low Close
1.06688 1.06730 1.05750 1.05991
Performance after Thursday
Period Pct Chg Momentum
Thursday -0.63% -66.9 Pips
Week to-date 0.53% 55.4 Pips
February -2.43% -263.5 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 🇺🇸 USD Unit Labor Costs in Q4 exceed forecast and rose to 3.2% compared to previous figure 1.1% in Q3. Source
🇺🇸 📆 USD In the week ending 25 February, the Initial Jobless Claims dropped to 190K compared to previous figure 192K. Source
📆 ☢️ 🇪🇺 EUR Harmonized Index of Consumer Prices (YoY) in February preliminary estimate exceed forecast and dropped to 8.5% compared to previous figure 8.6% in January. Source
📆 🇪🇺 EUR Unemployment Rate in January unchanged at 6.7% compared to previous report in December. . Source
📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 🇩🇪 EUR Unemployment Change in January exceed forecast and rose to 2K compared to previous figure -15K in December. Source
📆 🇩🇪 EUR S&P Global/BME Manufacturing PMI in February below forecast and dropped to 46.3 points compared to previous figure 46.5 points in January. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source


What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.63% to 1.0599. 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 1.05584 (S1).

Looking ahead today, we are looking at 1.0691 or 1.06564 (R1) as important resistance level while to the downside, the daily low of 1.0575 and 1.05584 (S1) as key support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.0575 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.07544
R2 1.07137
R1 1.06564
Daily Pivot 1.06157
S1 1.05584
S2 1.05177
S3 1.04604

You might also be interested in:

Construction Spending Source: Census Bureau
In Q4 2022, prices of buildings’ maintenance and improvement works rose by 1.6% over a quarter and by 9.8% over a year Source: INSEE
In December 2022, manufacturing turnover increased again (+0.5%) Source: INSEE
In Q4 2022, services producer prices fell back over a quarter (‑0.8%) but remained on a rise over a year (+3.5%) Source: INSEE
In January 2023, agricultural producer prices remained on a sharp rise year on year (+10.7%) Source: INSEE
Household consumption in goods rebounded in January 2023 (+1.5%) Source: INSEE
Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
In December 2022, the sales volume in trade decreased (‑1.2%) Source: INSEE
In Q4 2022, GDP slowed down (+0.1%) while the purchasing power of GDHI per consumption unit remained dynamic (+0.8%) Source: INSEE
Output in services was almost stable in December 2022 (‑0.1%) Source: INSEE
In January 2023 the industrial producer prices sped up over a month (+1.6%) and remained on a high rise over a year (+14.9%) Source: INSEE
In February 2023, consumer prices increased by 6.2% year on year Source: INSEE
CORRECTION: Gross domestic product: Detailed results on economic performance in the 4th quarter of 2022 Source: Statistisches Bundesamt (Destatis)

Last updated: 11:40 pm UTC, 02-Mar 2023

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