EURUSD on Wednesday dropped -0.23% to 1.08538. What we know.

EURUSD Analysis

Performance after Wednesday
Wednesday-0.23%-25.3 Pips
Week to-date-0.49%-53.6 Pips
July-0.49%-53.6 Pips

Upcoming key events (London Time)

Thu 01:15 PM USD ADP Non-Farm Employment Change
Thu 03:00 PM USD ISM Services PMI
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 05:45 PM EUR European Central Bank’s President Christine Lagarde speech

What happened lately

🇪🇺 Euro Area Producer Price Index (12-mth) in May exceed forecast and dropped to -1.5% compared to previous figure 1% in April
🇪🇺 Euro Area Producer Price Index (1-mth) in May exceed forecast and improved to -1.9% compared to previous figure -3.2% in April
🇩🇪 Germany Trade Balance seasonal adjustment. in May below forecast and dropped to 14.4€ compared to previous figure 18.4€ in April

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.23% to 1.08538. Price is below 9-Day EMA while Stochastic is falling.

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 1.08332 with break below could see further selling pressure towards S2 at 1.08127. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09079 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08500 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as compared to the prior week.

Key levels to watch out:

Daily Pivot1.08706

You might be interested in:

Minutes of the Federal Open Market Committee, June 13-14, 2023. Federal Reserve
In Q1 2023, payroll employment increased in four out of five regions and was almost stable in the others. INSEE
In May 2023, manufacturing output expanded again (+1.4%). INSEE
Household saving rate up to 14.1% in the euro area. Eurostat
EU current account surplus €58.3 bn. Eurostat
Construction Spending. Census Bureau
Inflation rate expected in June 2023 +6.4%. Statistisches Bundesamt (Destatis)

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