EURUSD on Thursday rose 0.86% to 1.12241. What we know.

EURUSD Analysis

Performance after Thursday
Thursday0.86%95.9 Pips
Week to-date2.37%260.1 Pips
July2.9%316.7 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Producer Price Index ex Food & Energy (1-mth) in June unchanged at 0.1% compared to previous report in May.
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in May below forecast and dropped to 0.2% compared to previous figure 1% in April
🇺🇸 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

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Thursday rose 0.86% to 1.12241. 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 Thursday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.12598 with break above could target R2 at 1.12955 or figure level area. While towards the downside, we are looking at daily low of 1.11280 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.12296 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 2.37% over the past few days.

Key levels to watch out:

Daily Pivot1.11939

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The Housing Rent Reference Index in Q2 2023. INSEE
CPI for all items rises 0.2% in June; shelter up. Bureau of Labor Statistics
Philip R. Lane: The banking channel of monetary policy tightening in the euro area. European Central Bank
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