EURUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.49% | 55.8 Pips |  |
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| Week to-date | 0.39% | 44 Pips |  |
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| April | 5.45% | 589.6 Pips | |
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Upcoming key events (London Time)
Wed 07:00 AM EUR GDP (3-mth)
Wed 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Wed 01:30 PM USD PCE Price Index, excluding food and energy (12-mth) Wed 01:30 PM USD GDP annual rate
What happened lately
The eurozone is set to release its GDP data for the three-month period, which is scheduled for Wednesday at 7:00 AM. This release will be followed by the EU’s seasonally adjusted GDP figures at 10:00 AM. These high-impact events are crucial as they provide vital insights into the economic health of several European countries, influencing monetary policy decisions by the European Central Bank. A positive result could suggest economic growth, while negative figures might indicate contraction, thus affecting investor sentiment toward the euro.
In the United States, important economic indicators are being released on Wednesday as well. At 1:30 PM, the Personal Consumption Expenditures (PCE) Price Index, excluding food and energy, and the GDP annual growth rate will be published. Both are significant as they offer a snapshot of the inflationary environment and the overall economic expansion, respectively. Strong data may support the US dollar by suggesting economic resilience, while weaker numbers could hint at underlying economic challenges, potentially causing volatility in the foreign exchange markets.
The EURUSD exchange rate rose by 0.49% to 1.14198 on Monday, suggesting that the euro gained strength against the US dollar. This rise could have been driven by a variety of factors, including market anticipation of upcoming European data and speculative movements favoring the euro. The upcoming GDP releases from Europe and the US will be critical in potentially driving further movements in the EURUSD pair. Strong European GDP data could bolster the euro, while strong US GDP and PCE data might provide support for the dollar. The interaction of these data points will play a key role in shaping market expectations and the future direction of the EURUSD exchange rate.
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What can we expect from EURUSD today?
EURUSD on Monday rose 0.49% to 1.14198. 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 1.14535 with break above could target R2 at 1.14873 or figure level area. While towards the downside, we are looking at daily low of 1.13290 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.14250 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 | 1.15495 |
| R2 | 1.14873 |
| R1 | 1.14535 |
| Daily Pivot | 1.13913 |
| S1 | 1.13575 |
| S2 | 1.12953 |
| S3 | 1.12615 |
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