As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Wednesday|
|Week to-date||-0.08%||-8.2 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 03:00 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 08:30 AM EUR HCOB Composite PMI
Fri 09:00 AM EUR HCOB Eurozone Composite PMI
What happened lately
U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5%
Germany Producer Price Index (12-mth) in August below forecast and dropped to -12.6% compared to previous figure -6% in July
Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in August below forecast and dropped to 0.5% compared to previous figure 0.6% in July
Euro Area Core Harmonised Index of Consumer Prices (HICP) (12-mth) in August unchanged at 5.3% compared to previous report in July. The actual figure is also in line with the forecast
Euro Area Core Harmonized Index of Consumer Prices (HICP) (1-mth) in August unchanged at 0.3% compared to previous report in July. The actual figure is also in line with the forecast
What can we expect from EURUSD today?
EURUSD on Wednesday dropped -0.26% to 1.06514. 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 1.06213 (S1) with break below could see further selling pressure towards 1.05911 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07370 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.06490 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: