🇪🇺 🇺🇸 EURUSD on Wednesday dropped -0.22% to 1.08376. What we know.

Upcoming key events (London Time)

Thu 10:00 AM EUR European Central Bank’s President Christine Lagarde speech
Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M).
Harmonized Index of Consumer Prices (HICP) (1-mth) in April below forecast and dropped to 0.6% compared to previous figure 0.7% in March
Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March
ZEW Indicator of Economic Sentiment in May below forecast and dropped to -10.7 points compared to previous figure 4.1 points in April
GDP (seasonally adjusted) (3-mth) in Q1 preliminary estimate unchanged at 0.1% compared to previous report in Q4. The actual figure is also in line with the forecast

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.22% to 1.08376. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

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

Looking ahead for the day, immediate support level is at 1.08064 (S1) with break below could see further selling pressure towards 1.07752 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08740 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08090 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.09%.

Key levels to watch out: