EURUSD on Wednesday dropped -0.45% to 1.0689. Selling pressure. Why it matters.

EURUSD on Wednesday dropped -0.45% to 1.0689.  Selling pressure. Why it matters.



Wednesday
Open High Low Close
1.07350 1.07444 1.06590 1.06887
Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.45% -47.9 Pips
Week to-date 0.12% 13.3 Pips
February -1.60% -173.9 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 ☢️ 🇺🇸 USD Retail Sales Control Group in January exceed forecast and rose to 1.7% compared to previous figure -0.7% in December. Source
📆 ☢️ 🇺🇸 USD Consumer Price Index ex Food & Energy (YoY) in January exceed forecast and dropped to 5.6% compared to previous figure 5.7% in December. Source
📆 ☢️ 🇪🇺 EUR Gross Domestic Product s.a. (QoQ) in Q4 preliminary estimate unchanged at 0.1% compared to previous report in Q3. The actual figure is also in line with the forecast. Source


What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.45% to 1.0689. Price is below 9-Day EMA while Stochastic is rising but 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 1.06503 (S1) with break below could see further selling pressure towards 1.06120 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.0744 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. EURUSD need to break on either side to indicate a short-term bias. A close below 1.0659 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:

R3 1.08211
R2 1.07828
R1 1.07357
Daily Pivot 1.06974
S1 1.06503
S2 1.06120
S3 1.05649

You might also be interested in:

Construction of buildings indices, Civil engineering indices and miscellaneous indices for construction in December 2022 Source: INSEE
GDP up by 0.1% and employment up by 0.4% in the euro area Source: Eurostat
CPI for all items rises 0.5% in January as shelter increases Source: Bureau of Labor Statistics Publications
In Q4 2022, the unemployment rate was virtually stable at 7.2% Source: INSEE

Last updated: 11:33 pm UTC, 15-Feb 2023

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