🇪🇺 🇺🇸 EURUSD on Thursday dropped -0.6% to 1.09163. What we know.

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

In the week ending 06 May, the Initial Unemployment Insurance Claims rose to 264K compared to previous figure 242K
CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.6% to 1.09163. Price is below 9-Day EMA while Stochastic is falling.

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 1.08775 (S1) with break below could see further selling pressure towards 1.08387 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09981 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08990 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.92%.

Key levels to watch out: