EURUSD on Wednesday dropped -0.23% to 1.08863. What we know.

EURUSD Analysis

Performance after Wednesday
Wednesday-0.23%-24.7 Pips
Week to-date-0.25%-27.5 Pips
November2.95%311.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇪🇺 Euro Area Consumer Confidence in November preliminary estimate unchanged at -17.9 points compared to previous report in October. DG ECFIN
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.23% to 1.08863. Price is above 9-Day EMA while Stochastic is falling in overbought 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 1.08513 with break below could see further selling pressure towards S2 at 1.08164. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09230 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08522 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 Pivot1.08872

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Isabel Schnabel: Monetary policy in times of stubborn inflation. European Central Bank
Christine Lagarde: Monetary policy in the euro area: attentive and focused. European Central Bank
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve
Production in construction up by 0.4% in the euro area and by 0.5% in the EU. Eurostat

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