EURUSD on Wednesday dropped -0.11% to 1.08390. What we know.

EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.11%	-11.7 Pips
Week to-date	-0.55%	-60.2 Pips
July	0.97%	103.7 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP annual rate
Thu 04:00 PM EUR European Central Bank’s President Christine Lagarde speech
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
Germany’s Gfk Consumer Confidence Survey in August improved to -18.4 points from a revised -21.6 points in July. Source: GfK
🇪🇺 Euro Area Consumer Confidence in July’s flash estimate improved to -13 points, up from -14 points in June. Source: DG ECFIN

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.11% to 1.08390. 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 1.08207 with break below could see further selling pressure towards S2 at 1.08023. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08666 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.08253 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.55%.

Key levels to watch out:

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