Dear ,
As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
EURUSD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.04% | -4.1 Pips |  |
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| Week to-date | -0.35% | -37.7 Pips |  |
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| July | 0.75% | 80.8 Pips |  |
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Upcoming key events (London Time)
Wed 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
What happened lately
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 8.184M compared to the previous figure of 8.23M, revised from 8.14M in May. Source: Bureau of Labor Statistics
🇺🇸 U.S. House Price Index (1-mth) in May dropped to 0% from a revised figure of 0.3% in April. Source: FHFA
The Euro Area Economic Sentiment Indicator (ESI) declined slightly from 95.9 points in June to 95.8 points in July. Source: DG ECFIN
The Q2 flash estimate indicates that the Euro Area GDP (seasonally adjusted) (12-mth) rose to 0.6%, up from the previous figure of 0.4% in Q1. Source: Eurostat
🇩🇪 Germany’s GDP (12-mth) in the Q2 flash estimate improved to -0.1%, compared to the previous figure of -0.2% in Q1. Source: Federal Statistical Office (Destatis)
What can we expect from EURUSD today?
EURUSD on Tuesday dropped -0.04% to 1.08161. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 1.07975 with break below could see further selling pressure towards S2 at 1.07788. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08358 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07980 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:
| R3 | 1.08731 |
| R2 | 1.08544 |
| R1 | 1.08353 |
| Daily Pivot | 1.08166 |
| S1 | 1.07975 |
| S2 | 1.07788 |
| S3 | 1.07597 |
