EURUSD on Wednesday dropped -0.03% to 1.0546. Pair in consolidation. How it happened.

EURUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.03%	-3.3 Pips
Week to-date	-0.83%	-87.8 Pips
March	-0.48%	-50.9 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 ☢️ 🇪🇺 EUR GDP (3-mth) in Q4 dropped to 0% compared to previous figure 0.1% in Q3. Source
📆 🇩🇪 EUR Retail Trade Turnover (1-month) in January below forecast and improved to -0.3% compared to previous figure -5.3% in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source
📆 🇪🇺 EUR Retail trade turnover (1-mth) in February below forecast and rose to 0.3% compared to previous figure -1.6, revised from -2.7% in January. Source

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.03% to 1.0546. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for EURUSD looks mixed as the pair is likely to consolidate above 1.05219 (S1).

Looking ahead today, we are looking at 1.0694 or 1.05717 (R1) as important resistance level while to the downside, the daily low of 1.0524 and 1.05219 (S1) as key support levels. EURUSD need to break on either side to indicate a short-term bias. A close below 1.0524 would indicate selling pressure.

For the week to-date, take note that EURUSD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out: