EURUSD on Wednesday dropped -0.16% to 1.09246. What we know.

EURUSD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.16%-17 Pips
Week to-date-1.02%-112.8 Pips
January-1.02%-112.8 Pips

Upcoming key events (London Time)

Thu 01:00 PM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics
🇩🇪 Germany Unemployment Change in December exceed forecast and dropped to 5K compared to previous figure 22K in November Source: Destatis

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.16% to 1.09246. Price is below 9-Day EMA while Stochastic is falling.

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 1.08898 with break below could see further selling pressure towards S2 at 1.0855. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.09654 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08928 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1.02%.

Key levels to watch out:

R31.1035
R21.10002
R11.09624
Daily Pivot1.09276
S11.08898
S21.0855
S31.08172

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