🇪🇺 🇺🇸 EURUSD on Wednesday rose 0.04% to 1.06980. Pair in consolidation. What we know.

Upcoming key events (London Time)

Thu 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Thu 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims

What happened lately

U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
Retail Trade Turnover (12-mth) in April dropped to -2.6% compared to previous figure -3.3% in March (revised from -3.8%)

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.04% to 1.06980. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.06634 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.07398 or trades above daily pivot 1.07016. While to the downside, the daily low of 1.06670 and 1.06634 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07398 may suggest continuation after recent positive movement.

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

Key levels to watch out: