EURUSD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.21% | 24.2 Pips |  |
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| Week to-date | 0.25% | 28.4 Pips | |
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| May | 0.56% | 63.7 Pips |  |
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Upcoming key events (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes
What happened lately
Currently, there are no major economic news reports to shape market movements considerably. However, the EURUSD showcased some activity on Monday, with the pair increasing by 0.21% to hit 1.13848. This rise indicates a slight strengthening of the Euro against the US Dollar, which may reflect market sentiments and potential anticipation of upcoming economic events. Although current market conditions seem stable, there is significant anticipation regarding future data releases, which could influence currency fluctuations further.
In the coming weeks, market participants eagerly await the US Federal Open Market Committee (FOMC) Meeting Minutes, scheduled for release on Wednesday at 07:00 PM. This information is marked with a high impact on financial markets, particularly the Forex domain, due to its potential to affect the monetary policy outlook in the United States. Traders and analysts will meticulously parse through these minutes for any insights and decisions, aiming to uncover any shifts in economic strategies, particularly relating to interest rates and inflationary policies.
Given the anticipation around the FOMC Meeting Minutes, these upcoming events hold the potential to influence the EURUSD rate significantly. If the minutes reveal a hawkish approach from the US Federal Reserve, suggesting possible interest rate hikes, the US Dollar might appreciate, potentially causing EURUSD to decline. Conversely, a dovish sentiment could weaken the Dollar, possibly strengthening the Euro against it. As a result, traders will remain vigilant, evaluating the meeting’s outcomes to assess future positions. Overall, with no major current news, the focus has shifted to upcoming events which will guide the next movements of the markets.
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What can we expect from EURUSD today?
EURUSD on Monday rose 0.21% to 1.13848. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
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 1.14151 with break above could target R2 at 1.14454 or figure level area. While towards the downside, we are looking at daily low of 1.13617 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.14187 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 0.25% over the past few days.
Key levels to watch out:
| R3 | 1.14721 |
| R2 | 1.14454 |
| R1 | 1.14151 |
| Daily Pivot | 1.13884 |
| S1 | 1.13581 |
| S2 | 1.13314 |
| S3 | 1.13011 |
#EURUSD Trending on Twitter
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