EURUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 1.03% | 117.2 Pips |  |
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| Week to-date | 1.13% | 128.7 Pips | |
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| April | 6.49% | 701.6 Pips |  |
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Upcoming key events (London Time)
Wed 08:30 AM EUR HCOB Composite PMI Wed 08:30 AM EUR HCOB Manufacturing PMI Wed 08:30 AM EUR HCOB Services PMI
Wed 09:00 AM EUR HCOB Eurozone Composite PMI Wed 09:00 AM EUR HCOB Eurozone Manufacturing PMI Wed 09:00 AM EUR HCOB Eurozone Services PMI
What happened lately
Currently, there are no major economic developments affecting Germany specifically, or the broader Eurozone, that have been reported. However, significant upcoming events are slated to occur soon. On Wednesday, there will be high-impact indicators for Germany’s economy with the release of the HCOB Composite PMI, Manufacturing PMI, and Services PMI. These indicators provide insights into the health and activity level of Germany’s economy across different sectors, which can influence market participants’ views on the economic outlook.
Similarly, the Eurozone will also release significant data on the same day, including the HCOB Eurozone Composite PMI, Manufacturing PMI, and Services PMI. These indices are critical for assessing the Eurozone’s overall economic strength, reflecting business conditions across its member countries. Strong PMI results could suggest robust economic performance and potentially impact decisions by the European Central Bank (ECB) regarding monetary policy. Conversely, weaker results might hint at economic slowing, prompting discussions around potential stimulus measures or rate adjustments to support economic growth.
The EURUSD currency pair has experienced an increase of 1.03% to 1.15085 recently, as indicated by the current data. This rise could be attributed to various factors including market sentiment, expectations regarding future economic data releases, or shifts in investor preferences. The upcoming PMI releases, being high-impact indicators, are likely to play a significant role in the future movement of the EURUSD. Stronger-than-expected readings could bolster the Euro as investors may view it as signaling positive economic momentum. This might lead to further EURUSD upward movement. Conversely, if the data turns out to be weaker than anticipated, it could cast doubt on the economic recovery and apply downward pressure on the EURUSD. Investors will be closely watching these releases for clues about the economic trajectory in the Eurozone and adjusting their strategies accordingly.
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What can we expect from EURUSD today?
EURUSD on Monday rose 1.03% to 1.15085. Price is above 9-Day EMA while Stochastic is rising.
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 1.15912 with break above could target R2 at 1.16739 or figure level area. While towards the downside, we are looking at daily low of 1.13900 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.15733 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 1.13% over the past few days.
Key levels to watch out:
| R3 | 1.17745 |
| R2 | 1.16739 |
| R1 | 1.15912 |
| Daily Pivot | 1.14906 |
| S1 | 1.14079 |
| S2 | 1.13073 |
| S3 | 1.12246 |
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