EURUSD on Wednesday rose 0.68% to 1.09910. What we know.
|Performance after Wednesday|
|Week to-date||0.47%||50.9 Pips|
Upcoming key events (London Time)
Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
What happened lately
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
🇩🇪 Germany Producer Price Index (1-mth) in May exceed forecast and dropped to -1.4% compared to previous figure 0.3% in April Federal Statistical Office (Destatis)
What can we expect from EURUSD today?
EURUSD on Wednesday rose 0.68% to 1.09910. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
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 R1 at 1.10209 with break above could target R2 at 1.10507 or figure level area. While towards the downside, we are looking at daily low of 1.09040 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09923 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 0.47% over the past few days.
Key levels to watch out:
You might be interested in:
Powell, Semiannual Monetary Policy Report to the Congress. Federal Reserve
Business Formation Statistics. Census Bureau
Production in construction down by 0.4% both in the euro area and in the EU. Eurostat
New Residential Construction. Census Bureau
Between January and April 2023, rents increased by 0.3%. INSEE
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