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 | 0.57% | 62.7 Pips |  |
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| Week to-date | 0.77% | 83.8 Pips | |
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| August | 1.6% | 173.7 Pips |  |
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Upcoming key events (London Time)
Wed 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Wed 01:30 PM USD CPI Inflation Rate (1-mth)
Wed 01:30 PM USD CPI Inflation Rate (12-mth)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
In July, the U.S. Producer Price Index excluding Food & Energy dropped to 0% compared to the revised June figure of 0.3%, previously reported as 0.4%. Source: Bureau of Labor Statistics
The U.S. Producer Price Index (12-month) for July dropped to 2.2%, down from the revised June figure of 2.7%, which was initially reported as 2.6%. Source: Bureau of Labor Statistics
The U.S. PPI excluding Food and Energy sectors (12-month) in July dropped to 2.4% compared to the previous figure of 3% in June.
In July, the U.S. Producer Price Index (1-mth) dropped to 0.1% from 0.2% in June. Source: Bureau of Labor Statistics
Euro Area ZEW Survey – Economic Sentiment in August dropped to 17.9 points from 43.7 points in July. Source: ZEW
The ZEW Indicator of Economic Sentiment in Germany fell to 19.2 points in August, down from 41.8 points in July. Source: ZEW
In August, the ZEW Survey for Germany’s Economic Situation dropped to -77.3 points from -68.9 points in July. Source: ZEW
The U.S. Monthly Treasury Budget Statement in July dropped to -$244 billion compared to -$66 billion in June. Source: Bureau of the Fiscal Service
What can we expect from EURUSD today?
EURUSD on Tuesday rose 0.57% to 1.09976. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for EURUSD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.10271 with break above could target R2 at 1.10565 or figure level area. While towards the downside, we are looking at daily low of 1.09134 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09997 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.77% over the past few days.
Key levels to watch out:
| R3 | 1.11134 |
| R2 | 1.10565 |
| R1 | 1.10271 |
| Daily Pivot | 1.09702 |
| S1 | 1.09408 |
| S2 | 1.08839 |
| S3 | 1.08545 |
