EURUSD on Wednesday rose 0.29% to 1.09852. Pair in consolidation. What we know.
|Performance after Wednesday|
|Week to-date||-0.29%||-32.2 Pips|
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
What can we expect from EURUSD today?
EURUSD on Wednesday rose 0.29% to 1.09852. 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 1.09479 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.10068 or trades above daily pivot 1.09773. Break above could target R1 at 1.10147. While to the downside, we are looking at 1.09479 (S1) and daily low of 1.09400 as support levels. EURUSD need to break on either side to indicate a short-term bias. A break above 1.10068 may suggest continuation after recent positive movement.
For the week to-date, take note that EURUSD is mixed as compared to the prior week.
Key levels to watch out:
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In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Inflation rate in April 2023 at +7.2%. Statistisches Bundesamt (Destatis)
Isabel Schnabel: Challenges for monetary policy at times of high inflation. European Central Bank
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Philip R. Lane: Inflation and monetary policy. European Central Bank
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