EURUSD on Wednesday dropped -1.45% to 1.05765. Looking bearish. What we know.

EURUSD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-1.45%	-155.5 Pips
Week to-date	-0.62%	-66.5 Pips
March	0%	-0.5 Pips

Upcoming key events (London Time)

Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)

What happened lately

📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source

What can we expect from EURUSD today?

EURUSD on Wednesday dropped -1.45% to 1.05765. Price is below 9-Day EMA while Stochastic is falling in neutral 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 1.0475 (S1) with break below could see further selling pressure towards 1.03736 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.07605 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.05163 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:

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