EURUSD on Wednesday rose 0.64% to 1.10441. Pair in consolidation. What we know.

Upcoming key events (London Time)

Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized
Fri 09:00 AM EUR GDP (3-mth)
Fri 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Fri 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
Fri 01:00 PM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened lately

USD Durable Goods Orders excluding Transportation in March rose to 0.3% compared to previous figure -0.3% (revised from 0%).
Gfk Consumer Confidence Survey in May below forecast and improved to -25.7 points compared to previous figure -29.3, revised from -29.5 points in April
New Residential Sales (1-mth) in March exceed forecast and rose to 0.683M compared to previous figure 0.623, revised from 0.64M in February
Housing Price Index (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.1, revised from 0.2% in January

EURUSD Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday rose 0.64% to 1.10441. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.09756 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.10954 or trades above daily pivot 1.10355. While to the downside, the daily low of 1.09670 and 1.09756 (S1) as immediate support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.10954 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 0.51% over the past few days.

Key levels to watch out: