EURUSD on Wednesday dropped -0.28% to 1.07659. What we know.

EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.28%	-30.6 Pips
Week to-date	-1.07%	-115.9 Pips
December	-1.1%	-120.2 Pips

Upcoming key events (London Time)

Thu 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Fri 07:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇪🇺 Euro Area Retail Trade Turnover (12-mth) in October exceed forecast and improved to -1.2% compared to previous figure -2.9% in September Source: Eurostat
🇪🇺 Euro Area Retail Trade Turnover (1-mth) in October below forecast and rose to 0.1% compared to previous figure -0.1, revised from -0.3% in September
🇩🇪 Germany Factory Orders n.seasonal adjustment. (12-mth) in October exceed forecast and dropped to -7.3% compared to previous figure -4.3% in September
🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in October below forecast and dropped to -3.7% compared to previous figure 0.2% in September
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.28% to 1.07659. Price is below 9-Day EMA while Stochastic is falling in oversold 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 1.07479 with break below could see further selling pressure towards S2 at 1.07299. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08047 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07583 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -1.07%.

Key levels to watch out: