As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Monday|
|Week to-date||0.23%||25.5 Pips|
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
Germany Producer Price Index (1-mth) in July exceed forecast and dropped to -1.1% compared to previous figure -0.3% in June
What can we expect from EURUSD today?
EURUSD on Monday rose 0.23% to 1.08966. Price is below 9-Day EMA while Stochastic is rising in oversold 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 at 1.09171 (R1) while on the downside, we are looking at daily low of 1.08692 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09137 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is mixed as compared to prior week.
Key levels to watch out: