EURUSD on Tuesday dropped -0.56% to 1.07106. What we know.

EURUSD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.56%	-60.7 Pips
Week to-date	-0.66%	-71.5 Pips
February	-0.99%	-107.4 Pips

Upcoming key events (London Time)

Wed 10:00 AM EUR GDP (seasonally adjusted) (3-mth)
Wed 10:00 AM EUR GDP (seasonally adjusted) (12-mth)
Thu 08:00 AM EUR European Central Bank’s President Christine Lagarde speech
Thu 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇪🇺 Euro Area ZEW Survey – Economic Sentiment in February rose to 25 points compared to previous figure 22.7 points in January Source: ZEW
🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in February dropped to -81.7 points compared to previous figure -77.3 points in January Source: ZEW
🇩🇪 Germany ZEW Indicator of Economic Sentiment in February rose to 19.9 points compared to previous figure 15.2 points in January Source: ZEW
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service

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What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.56% to 1.07106. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 1.06744 with break below could see further selling pressure towards S2 at 1.06383. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07985 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07003 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.66%.

Key levels to watch out: