EURUSD on Wednesday dropped -0.33% to 1.05390. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Wednesday
Wednesday-0.33%-35.2 Pips
Week to-date0.33%34.7 Pips
October-0.3%-31.9 Pips

Upcoming key events (London Time)

Thu 05:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau
🇪🇺 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in September unchanged at 0.3% compared to previous report in August. The actual figure is also in line with the forecast Eurostat
🇺🇸 U.S. Monthly Retail Trade (1-mth) in September exceed forecast and dropped to 0.7% compared to previous figure 0.8, revised from 0.6% in August Census Bureau
🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in October below forecast and dropped to -79.9 points compared to previous figure -79.4 points in September ZEW


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.33% to 1.05390. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.05098 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.05941 or trades above daily pivot 1.0552. Break above could target R1 at 1.05811. While to the downside, we are looking at 1.05098 (S1) and daily low of 1.05228 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.05228 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 Pivot1.0552

You might be interested in:

New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023. Federal Reserve
Advance Monthly Sales for Retail and Food Services. Census Bureau
Business Formation Statistics. Census Bureau
Euro area international trade in goods surplus €6.7 bn. Eurostat

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