As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Tuesday|
|Week to-date||-0.05%||-5.8 Pips|
Upcoming key events (London Time)
Wed 01:15 PM USD ADP Non-Farm Employment Change
Thu 08:55 AM EUR HCOB Composite PMI
Thu 08:55 AM EUR HCOB Services PMI
Thu 09:00 AM EUR HCOB Eurozone Composite PMI
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 03:00 PM USD ISM Services PMI
What happened lately
U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)
Euro Area Unemployment Rate in June unchanged at 6.4% compared to previous report in May.
Germany Unemployment Change in June below forecast and dropped to -4K compared to previous figure 28K in May
Germany Retail Trade (1-mth) in June dropped to -0.8% compared to previous figure 1.9% (revised from 0.4%)
What can we expect from EURUSD today?
EURUSD on Tuesday rose 0.11% to 1.10089. 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 1.09668 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.10195 or trades above daily pivot 1.09931. While to the downside, the daily low of 1.09510 and 1.09668 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.10195 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: