EURUSD on Wednesday rose 0.88% to 1.0668. What you need to know. What goes around.



Wednesday
Open High Low Close
1.05759 1.06914 1.05640 1.06680
Performance after Wednesday
Period Pct Chg Momentum
Wednesday 0.88% 93.2 Pips
Week to-date 1.07% 113.2 Pips
February -2.64% -286.2 Pips

Upcoming key events (London Time)

Thu 10:00 AM EUR Core Harmonized Index of Consumer Prices (YoY)
Thu 10:00 AM EUR Harmonized Index of Consumer Prices (YoY)
Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 ☢️ 🇺🇸 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
📆 🇺🇸 USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source
📆 🇪🇺 EUR Consumer Confidence in February unchanged at -19 points compared to previous report in January. The actual figure is also in line with the forecast. Source


What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.88% to 1.0668. Price is above 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate upside resistance level is at 1.07183 (R1) while on the downside, we are looking at daily low of 1.0564 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 1.0691 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:

R3 1.08457
R2 1.07685
R1 1.07183
Daily Pivot 1.06411
S1 1.05909
S2 1.05137
S3 1.04635

You might also be interested in:

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)
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 11:40 pm UTC, 01-Mar 2023

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