EURUSD on Wednesday rose 1.18% to 1.11350. What we know.
|Performance after Wednesday|
|Week to-date||1.56%||171 Pips|
Upcoming key events (London Time)
Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in June below forecast and dropped to 0.2% compared to previous figure 0.4% in May Bureau of Labor Statistics
🇩🇪 Germany ZEW Indicator of Economic Sentiment in July exceed forecast and dropped to -14.7 points compared to previous figure -8.5 points in June ZEW
What can we expect from EURUSD today?
EURUSD on Wednesday rose 1.18% to 1.11350. 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 1.11802 with break above could target R2 at 1.12254 or figure level area. While towards the downside, we are looking at daily low of 1.10100 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.11403 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 1.56% over the past few days.
Key levels to watch out:
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