EURUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.37% | 40.3 Pips |  |
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| Week to-date | 0% | 0.5 Pips |  |
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| March | 4.84% | 502.3 Pips |  |
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Upcoming key events (London Time)
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 06:00 PM USD FOMC Monetary Policy Statement Wed 06:00 PM USD FOMC Economic Projections Wed 06:00 PM USD Interest Rate Projections – 1st year Wed 06:00 PM USD Interest Rate Projections – 2nd year Wed 06:00 PM USD Interest Rate Projections Wed 06:00 PM USD Interest Rate Projections – Longer Wed 06:30 PM USD FOMC Press Conference
What happened lately
Currently, there are no major economic news announcements impacting the Euro or the US Dollar that might have caused significant market volatility. However, looking ahead, the United States is set for several important economic events scheduled to occur on Wednesday. This includes the Federal Reserve’s interest rate decision, monetary policy statement, economic projections, and subsequent projections for interest rates over the first and second years, as well as longer-term forecasts. Furthermore, a press conference by the Federal Open Market Committee (FOMC) is also set to take place shortly after the announcements.
The significant focus on Wednesday will be on the Federal Reserve’s actions and their future economic outlook, which are likely to influence the U.S. dollar. In particular, the interest rate decision and economic projections could provide insight into the Federal Reserve’s stance on inflation and economic growth, which, in turn, will influence investor sentiment. Such data releases typically draw market attention, as they play a critical role in shaping expectations for U.S. monetary policy.
The EUR/USD currency pair saw a rise of 0.37% on Monday, settling at 1.09193. This gain for the Euro against the U.S. Dollar may reflect market anticipation of the Federal Reserve’s forthcoming statements and the uncertainty surrounding potential adjustments in monetary policy. As traders position themselves ahead of these announcements, this has understandably led to EUR/USD movements. If the Federal Reserve signals a more aggressive monetary tightening than anticipated, based on emerging data or projections, the U.S. Dollar could strengthen, potentially reversing the Euro’s recent gains. Conversely, if the Fed’s guidance leans dovish or signals rates staying within current ranges due to economic caution, the Euro may continue to strengthen against a weaker Dollar, affecting the EUR/USD pair upwardly. Traders remain attentive to signals of economic direction and interest rate trends that could either bolster the Dollar or allow the Euro to maintain its recent trajectory.
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What can we expect from EURUSD today?
EURUSD on Monday rose 0.37% to 1.09193. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks bullish as the pair ended higher after Monday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.09433 with break above could target R2 at 1.09674 or figure level area. While towards the downside, we are looking at daily low of 1.08680 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09297 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:
| R3 | 1.1005 |
| R2 | 1.09674 |
| R1 | 1.09433 |
| Daily Pivot | 1.09057 |
| S1 | 1.08816 |
| S2 | 1.0844 |
| S3 | 1.08199 |
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