As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Thursday|
|Week to-date||-0.81%||-90.8 Pips||
Upcoming key events (London Time)
No major events for the day.
What happened lately
Euro Area Consumer Confidence in July preliminary estimate below forecast and improved to -15.1 points compared to previous figure -16.1 points in June DG ECFIN
U.S. Existing-Home Sales Change (1-mth) in June below forecast and dropped to -3.3% compared to previous figure 0.2% in May
U.S. Philadelphia Fed Manufacturing Survey in July exceed forecast and improved to -13.5 points compared to previous figure -13.7 points in June
In the week ending 15 July, U.S. Initial Unemployment Insurance Claims dropped to 228K compared to previous figure 237K Department of Labor
Germany Producer Price Index (12-mth) in June dropped to 0.1% compared to previous figure 1% in May
EURUSD 4-hour Chart by TradingView
What can we expect from EURUSD today?
EURUSD on Thursday dropped -0.57% to 1.11356. Price is below 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.1092 with break below could see further selling pressure towards S2 at 1.10485. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.12291 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.11170 would indicate selling pressure.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out: