EURUSD on Wednesday dropped -0.19% to 1.09718. Pair in consolidation. What we know.

EURUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.19%-20.9 Pips
Week to-date0.32%35.1 Pips
November3.76%397.4 Pips

Upcoming key events (London Time)

Thu 07:00 AM EUR Retail Trade Turnover (12-mth)
Thu 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Thu 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇩🇪 Germany CPI Inflation Rate (12-mth) in November preliminary estimate below forecast and dropped to 3.2% compared to previous figure 3.8% in October
🇪🇺 Euro Area Business Climate (BCI) in November dropped to -0.39 points compared to previous figure -0.33 points in October Source: European Commission
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇩🇪 Germany Gfk Consumer Confidence Survey in December below forecast and improved to -27.8 points compared to previous figure -28.1 points in November Source: GfK

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.19% to 1.09718. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.09488 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.10171 or trades above daily pivot 1.0983. Break above could target R1 at 1.10059. While to the downside, we are looking at 1.09488 (S1) and daily low of 1.09600 as support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.09600 would indicate selling pressure.

For the week to-date, take note that EURUSD is bullish as the pair continued to trade higher and is up by 0.32% over the past few days.

Key levels to watch out:

R31.1063
R21.10401
R11.10059
Daily Pivot1.0983
S11.09488
S21.09259
S31.08917

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