EURUSD rises 0.47% to 1.14300 on Thursday

EURUSD Analysis

Upcoming key events (GMT+8)

No major events for the day.

What happened lately

The EURUSD currency pair experienced an upward movement on Thursday, climbing 0.47% to close at 1.14300. The trading session saw the pair reach a high of 1.14720 and a low of 1.13730.

In terms of economic data, the U.S. released figures for Average Hourly Earnings and Nonfarm Payroll Employment. Average Hourly Earnings for the month were reported at 0.3%, aligning with both the consensus and the previous month’s figures. Meanwhile, the Nonfarm Payroll Employment data showed a significant shortfall, with an actual figure of 57 compared to the consensus expectation of 110 and a previous reading of 129.

There are no major economic events scheduled in the immediate future that might impact the EURUSD pair.

The market sentiment appears to have been influenced by the weaker-than-expected Nonfarm Payroll Employment data, which may have contributed to the euro’s strength against the dollar during the trading session. However, without additional economic events or data releases, the precise drivers of the price movement remain unclear.

What can we expect from EURUSD today?

EURUSD has shown a bullish daily performance with a 0.47% increase, closing at 1.14300. The pair is currently trading above the 9-day EMA, with a rising stochastic indicator suggesting potential upward momentum.

If the bullish momentum continues, traders should watch for a break above the daily high of 1.14720. A sustained move past this level could target the first resistance at 1.1477, with further gains potentially reaching the second resistance at 1.1524.

On the downside, a reversal could be triggered if the price falls below the daily pivot of 1.1425. In this scenario, the first support level at 1.1378 would be critical, with a further decline possibly testing the second support at 1.1326.

Key levels to watch out: