EURUSD on Wednesday rose 0.62% to 1.10688. What we know

Upcoming key events (London Time)

Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
Thu 01:15 PM EUR ECB Interest Rate on deposit facility
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:45 PM EUR European Central Bank Press Conference
Thu 03:15 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5%
Unemployment Rate in March below forecast and dropped to 6.5% compared to previous figure 6.6% in February
Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February
Harmonised Index of Consumer Prices (HICP) (12-mth) in April preliminary estimate exceed forecast and rose to 7% compared to previous figure 6.9% in March
Retail Trade (1-mth) in March below forecast and dropped to -2.4% compared to previous figure -1.3% in February

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.62% to 1.10688. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.11054 (R1) while on the downside, we are looking at daily low of 1.10046 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.10916 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: