🇪🇺 🇺🇸 EURUSD on Thursday dropped -0.21% to 1.07270. What we know.

Upcoming key events (London Time)

Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft

What happened lately

Personal Consumption Expenditures Prices (3-mth) in Q1 preliminary estimate unchanged at 4.2% compared to previous report in Q4. The actual figure is also in line with the forecast
In the week ending 20 May, the Initial Unemployment Insurance Claims rose to 229K compared to previous figure 225K (revised from 242K)
Chicago Fed National Activity Index in April exceed forecast and rose to 0.07 points compared to previous figure -0.37, revised from -0.19 points in March
Gfk Consumer Confidence Survey in June exceed forecast and improved to -24.2 points compared to previous figure -25.7 points in May
GDP (3-mth) in Q1 below forecast and dropped to -0.3% compared to previous figure 0% in Q4
EUR ifo Expectations in May rose to 94.8 points compared to previous figure 91.7 points (revised from 92.2 points).

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.21% to 1.07270. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 1.07039 (S1) with break below could see further selling pressure towards 1.06808 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07565 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07071 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.69%.

Key levels to watch out: