EURUSD on Wednesday dropped -0.22% to 1.08376. What we know.
|Performance after Wednesday|
|Week to-date||-0.09%||-9.4 Pips|
Upcoming key events (London Time)
Thu 10:00 AM EUR European Central Bank’s President Christine Lagarde speech
What happened lately
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau
🇪🇺 Harmonized Index of Consumer Prices (HICP) (1-mth) in April below forecast and dropped to 0.6% compared to previous figure 0.7% in March Eurostat
🇺🇸 Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March Census Bureau
🇩🇪 ZEW Indicator of Economic Sentiment in May below forecast and dropped to -10.7 points compared to previous figure 4.1 points in April ZEW
🇪🇺 GDP (seasonally adjusted) (3-mth) in Q1 preliminary estimate unchanged at 0.1% compared to previous report in Q4. The actual figure is also in line with the forecast Eurostat
What can we expect from EURUSD today?
EURUSD on Wednesday dropped -0.22% to 1.08376. Price is below 9-Day EMA while Stochastic is rising in oversold 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 S1 1.08064 with break below could see further selling pressure towards S2 at 1.07752. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08740 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08090 would indicate selling pressure.
For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.09%.
Key levels to watch out:
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Manufacturing and Trade Inventories and Sales. Census Bureau
In April 2023, oil prices bounced back, those of industrial raw materials fell sharply. INSEE
In Q1 2023, the unemployment rate was stable at 7.1%. INSEE
GDP up by 0.1% and employment up by 0.6% in the euro area. Eurostat
Euro area international trade in goods surplus €25.6 bn. Eurostat
Advanced Monthly Sales for Retail and Food Services. Census Bureau
In Q1 2023, collective tourist attendance rose by 12.6% year on year. INSEE
Industrial production down by 4.1% in the euro area and by 3.6% in the EU. Eurostat
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