EURUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.06% | -6.4 Pips |  |
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| Week to-date | -0.05% | -5.6 Pips | |
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| April | 4.94% | 534.6 Pips |  |
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Upcoming key events (London Time)
Tue 09:00 AM EUR Euro area Bank Lending Survey Tue 05:00 PM EUR European Central Bank’s President Christine Lagarde speech 
Wed 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
The Euro area is set to release two key events on Tuesday that could influence its economic landscape. At 09:00 AM, the Euro area Bank Lending Survey will be published, providing insights into loan demand and credit conditions in the eurozone, which can have implications for economic growth and monetary policy. Later at 05:00 PM, the European Central Bank President Christine Lagarde is scheduled to speak. Her speech could offer guidance on the ECB’s future policy direction, especially regarding interest rates and inflation outlook, which are crucial for financial markets and investors. These events are considered high-impact and investors will be keenly watching for any signals that might indicate the ECB’s monetary policy stance.
Meanwhile, in the United States, significant attention will be focused on the Monthly Retail Trade report scheduled for release on Wednesday at 01:30 PM. This report will reflect consumer spending patterns, a major driver of the US economy. Strong retail sales figures can imply robust economic activity and potential for inflationary pressures, which may influence the Federal Reserve’s decisions about interest rate adjustments. Conversely, weaker-than-expected retail performance might suggest a slower economic pace, impacting future monetary policy.
The EUR/USD pair is currently in a consolidation phase, with a minor drop of -0.06% to 1.13522 on Monday. The upcoming Euro area events could bring some volatility to the EUR/USD pair as market participants react to the outcomes of the Bank Lending Survey and Christine Lagarde’s speech. Should the ECB President signal a more aggressive monetary stance or highlight concerns about economic growth, the euro could see increased pressure. Simultaneously, if the US retail data surprises on the upside, it could strengthen the US dollar, further influencing the pair’s dynamics. However, without any immediate significant movements, traders are likely keeping a cautious stance until more clarity emerges from these upcoming economic indicators.
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What can we expect from EURUSD today?
EURUSD on Monday dropped -0.06% to 1.13522. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.12903 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.14246 or trades above daily pivot 1.13575. Break above could target R1 at 1.14193. While to the downside, we are looking at 1.12903 (S1) and daily low of 1.12956 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.12956 would indicate selling pressure.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.15483 |
| R2 | 1.14865 |
| R1 | 1.14193 |
| Daily Pivot | 1.13575 |
| S1 | 1.12903 |
| S2 | 1.12285 |
| S3 | 1.11613 |
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