EURUSD on Wednesday rose 1.18% to 1.11350. What we know.

EURUSD Analysis

Performance after Wednesday
Wednesday1.18%129.9 Pips
Week to-date1.56%171 Pips
July2.09%227.6 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

EURUSD 4-hour Chart by TradingView

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:

Daily Pivot1.10951

You might be interested in:

Philip R. Lane: The banking channel of monetary policy tightening in the euro area. European Central Bank
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Inflation rate in June 2023 at +6.4%. Statistisches Bundesamt (Destatis)
New Foreign Direct Investment in the United States, 2022. Bureau of Economic Analysis
Luis de Guindos: The inflation outlook and monetary policy in the euro area. European Central Bank

Leave a comment

Your email address will not be published. Required fields are marked *