🇪🇺 🇺🇸 EURUSD on Thursday dropped -0.6% to 1.07970. What we know.

Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

EURUSD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.6%	-64.9 Pips
Week to-date	-0.68%	-74.1 Pips
August	-1.82%	-199.8 Pips

Upcoming key events (London Time)

  Fri 12:00 PM EUR European Central Bank’s President Christine Lagarde speech
  Fri 03:00 PM USD Jackson Hole Symposium
  Fri 03:05 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

  U.S. Durable Goods Orders excluding Defense in July dropped to 0.1% compared to previous figure 5.9% (revised from 6.2%)
  In the week ending 19 August, U.S. Initial Unemployment Insurance Claims dropped to 230K compared to previous figure 240K (revised from 239K)
  Euro Area Consumer Confidence in August preliminary estimate exceed forecast and dropped to -16 points compared to previous figure -15.1 points in July

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.6% to 1.07970. 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 1.07664 (S1) with break below could see further selling pressure towards 1.07359 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08767 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07910 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.68%.

Key levels to watch out: