🇪🇺 🇺🇸 EURUSD on Tuesday dropped -0.36% to 1.07730. What we know.

Upcoming key events (London Time)

Wed 06:45 PM EUR European Central Bank’s President Christine Lagarde speech
Wed 07:00 PM USD FOMC Meeting Minutes
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized

What happened lately

New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March
Consumer Confidence in May preliminary estimate exceed forecast and improved to -17.4 points compared to previous figure -17.5 points in April

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.36% to 1.07730. 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 Tuesday trading session.

Looking ahead for the day, immediate support level is at 1.07479 (S1) with break below could see further selling pressure towards 1.07227 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08204 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07590 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to prior week.

Key levels to watch out: