EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.23%	-25.1 Pips
Week to-date	-0.6%	-66 Pips
August	-1.08%	-119.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇪🇺 Euro Area Employment Change (3-mth) in Q2 preliminary estimate dropped to 0.2% compared to previous figure 0.6% in Q1
🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q2 preliminary estimate unchanged at 0.6% compared to previous report in Q1. The actual figure is also in line with the forecast Eurostat
🇺🇸 U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June Census Bureau
🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.23% to 1.08776. 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 1.08544 with break below could see further selling pressure towards S2 at 1.08312. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09346 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08713 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.6%.

Key levels to watch out:

You might be interested in:

Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau