EURUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.44%	-48.1 Pips
Week to-date	-0.48%	-52.4 Pips
August	-0.38%	-42 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD CPI Inflation Rate (1-mth)
Thu 01:30 PM USD CPI Inflation Rate (12-mth)

What happened lately

🇪🇺 Euro Area Sentix Investor Confidence| Aug in August below forecast and improved to -18.9 points compared to previous figure -22.5 points in July
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth)| Jun in June dropped to -1.7% compared to previous figure 0.7%
🇩🇪 Germany Industrial Production seasonal adjustment. (1-mth)| Jun in June dropped to -1.5% compared to previous figure -0.1% (revised from -0.2%)

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.44% to 1.09548. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 1.09182 with break below could see further selling pressure towards S2 at 1.08815. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.10111 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.09280 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:

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U.S. International Trade in Goods and Services. Census Bureau
Inflation rate in July 2023 at +6.2%. Statistisches Bundesamt (Destatis)