EURUSD on Tuesday rose 0.14% to 1.0736. Potential upside. Why it matters.

EURUSD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.14%	15.2 Pips
Week to-date	0.57%	60.5 Pips
February	-1.17%	-126.7 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD Retail Sales (MoM)
Wed 01:30 PM USD Retail Sales Control Group
Wed 02:00 PM EUR ECB’s President Lagarde speech

What happened lately

📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (MoM) in January unchanged at 0.4% compared to previous report in December. The actual figure is also in line with the forecast. Source
📆 ☢️ 🇪🇺 EUR Gross Domestic Product s.a. (QoQ) in Q4 preliminary estimate unchanged at 0.1% compared to previous report in Q3. The actual figure is also in line with the forecast. Source

What can we expect from EURUSD today?

EURUSD on Tuesday rose 0.14% to 1.0736. Price is below 9-Day EMA while Stochastic is rising but in oversold zone.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.07915 (R1) while on the downside, we are looking at daily low of 1.0706 as an important support. Break below this level could weaken the current bullish momentum. EURUSD need to break on either side to indicate a short-term bias. A break above 1.0804 would suggest bullish bias after recent positive movement.

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:

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In Q4 2022, the unemployment rate was virtually stable at 7.2% Source: INSEE

Last updated: 11:33 pm UTC, 14-Feb 2023

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