EURUSD on Wednesday dropped -0.66% to 1.09451. What we know.

EURUSD Analysis

Performance after Wednesday
Wednesday-0.66%-73 Pips
Week to-date-0.63%-69.6 Pips
August-0.47%-51.7 Pips

Upcoming key events (London Time)

Thu 08:55 AM EUR HCOB Composite PMI
Thu 08:55 AM EUR HCOB Services PMI
Thu 09:00 AM EUR HCOB Eurozone Composite PMI
Thu 03:00 PM USD ISM Services PMI
Fri 10:00 AM EUR Retail Trade Turnover (12-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)
🇪🇺 Euro Area Unemployment Rate in June unchanged at 6.4% compared to previous report in May. Eurostat
🇩🇪 Germany Unemployment Change in June below forecast and dropped to -4K compared to previous figure 28K in May Destatis

EURUSD 4-hour Chart by TradingView

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.66% to 1.09451. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

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 1.09039 with break below could see further selling pressure towards S2 at 1.08626. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.10126 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.09170 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 Pivot1.09582

You might be interested in:

Construction Spending. Census Bureau
Euro area unemployment at 6.4%. Eurostat
Euro area annual inflation down to 5.3%. Eurostat
GDP up by 0.3% in the euro area and stable in the EU. Eurostat
Gross Domestic Product for Puerto Rico, 2021. Bureau of Economic Analysis
Inflation rate in July 2023 expected to be +6.2%. Statistisches Bundesamt (Destatis)
Gross domestic product stagnates in the second quarter of 2023. Statistisches Bundesamt (Destatis)

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