🇪🇺 🇺🇸 EURUSD on Wednesday dropped -0.35% to 1.06944. End May down by -2.9% or -319.6 pips lower. Pair in consolidation. What we know.

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What happened lately

U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.35% to 1.06944. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06404 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07356 or trades above daily pivot 1.0688. While to the downside, the daily low of 1.06340 and 1.06404 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.06340 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.29%.

EURUSD ended month of May trading session down by -2.9% or -319.6 pips lower.

Key levels to watch out: