EURUSD on Wednesday dropped -0.17% to 1.07537. What we know.

EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.17%	-18.6 Pips
Week to-date	-0.45%	-48.2 Pips
May	-2.36%	-260.3 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft

What happened lately

EUR ifo Expectations in May rose to 94.8 points compared to previous figure 91.7 points (revised from 92.2 points). ifo Institute
🇺🇸 New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Census Bureau

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.17% to 1.07537. 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 1.073 with break below could see further selling pressure towards S2 at 1.07064. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.08013 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.07420 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.45%.

Key levels to watch out:

You might be interested in:

Minutes of the Federal Open Market Committee, May 2-3, 2023. Federal Reserve
New Home Sales. Census Bureau
Production in construction down by 2.4% in the euro area and by 1.9% in the EU. Eurostat
Gross Domestic Product for the U.S. Virgin Islands, 2021. Bureau of Economic Analysis

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