EURUSD on Wednesday dropped -0.5% to 1.11245. What we know.

EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.5%	-56.2 Pips
Week to-date	-0.57%	-63.4 Pips
August	2.78%	300.6 Pips

Upcoming key events (London Time)

Thu 01:00 PM EUR CPI Inflation Rate (12-mth)
Thu 01:30 PM USD GDP annual rate
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD PCE Price Index (excluding food and energy) (1-mth)
Fri 01:30 PM USD PCE Price Index (excluding food and energy) (12-mth)

What happened lately

🇺🇸 U.S. House Price Index (1-mth) in June dropped to -0.1% from 0% in May. Source: FHFA
🇩🇪 Germany’s Gross Domestic Product WDA (12-mth) in Q2 remained unchanged at 0.3% compared to the previous report in Q1. Source: Federal Statistical Office (Destatis)
🇩🇪 Germany’s GDP (3-mth) in Q2 remained unchanged at -0.1% compared to the previous report in Q1. Source: Federal Statistical Office (Destatis)
🇩🇪 Germany’s GDP (12-month) in Q2 rose to 0%, up from -0.1% in Q1. Source: Federal Statistical Office (Destatis)
Germany’s Gfk Consumer Confidence Survey in September dropped to -22 points, compared to the previous figure of -18.6 points, revised from -18.4 points in August. Source: GfK

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.5% to 1.11245. Price is above 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 1.10927 with break below could see further selling pressure towards S2 at 1.1061. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.11800 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.11046 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:

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