As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
|Performance after Wednesday|
|Week to-date||-0.22%||-24.2 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
What happened lately
U.S. Industrial Production (1-mth) in June unchanged at -0.5% compared to previous revised report
U.S. Retail Trade Control Group in June exceed forecast and rose to 0.6% compared to previous figure 0.3, revised from 0.2% in May
What can we expect from EURUSD today?
EURUSD on Wednesday dropped -0.22% to 1.12022. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for EURUSD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at 1.11708 (S1) with break below could see further selling pressure towards 1.11395 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.12403 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.11742 would indicate selling pressure.
For the week to-date, take note that EURUSD is mixed as compared to prior week.
Key levels to watch out: