As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Tuesday|
|Week to-date||-0.66%||-70.2 Pips|
Upcoming key events (London Time)
Thu 01:00 PM EUR CPI Inflation Rate (12-mth)
Thu 01:30 PM USD GDP Annualized
Thu 09:00 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 U.S. New-Home Sales Change (1-mth) in August below forecast and dropped to -8.7% compared to previous figure 4.4% in July
🇺🇸 U.S. Housing Price Index (1-mth) in July exceed forecast and rose to 0.8% compared to previous figure 0.4, revised from 0.3% in June
🇩🇪 Germany ifo Business Climate in September dropped to 85.7 points compared to previous figure 85.8 points (revised from 85.7 points) ifo Institute
🇩🇪 Germany ifo Expectations in September exceed forecast and rose to 82.9 points compared to previous figure 82.6 points in August ifo Institute
🇩🇪 Germany ifo Current Assessment in September exceed forecast and dropped to 88.7 points compared to previous figure 89 points in August ifo Institute
What can we expect from EURUSD today?
EURUSD on Tuesday dropped -0.18% to 1.05730. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
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 1.05535 with break below could see further selling pressure towards S2 at 1.05341. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.06090 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.05618 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.66%.
Key levels to watch out: