EURUSD on Tuesday dropped -0.31% to 1.0651. Looking bearish. What you need to know before the next trade.

EURUSD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.31%	-33.6 Pips
Week to-date	-0.40%	-42.4 Pips
February	-1.95%	-212.1 Pips

Upcoming key events (London Time)

Wed 07:00 AM EUR Harmonized Index of Consumer Prices (YoY)
Wed 07:00 PM USD FOMC Minutes
Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 🇩🇪 EUR ZEW Survey – Economic Sentiment in February exceed forecast and rose to 28.1 points compared to previous figure 16.9 points in January. Source
📆 ☢️ 🇩🇪 EUR S&P Global/BME Manufacturing PMI in February preliminary estimate below forecast and dropped to 46.5 points compared to previous figure 47.3 points in January. Source
📆 🇪🇺 EUR Consumer Confidence in February preliminary estimate improved to -19 points compared to previous figure -20.9 points in January. Source

What can we expect from EURUSD today?

EURUSD on Tuesday dropped -0.31% to 1.0651. 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 Tuesday trading session.

Looking ahead for the day, immediate support level is at 1.06250 (S1) with break below could see further selling pressure towards 1.05994 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.0698 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 1.0636 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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Production in construction down by 2.5% in the euro area and by 2.0% in the EU Source: Eurostat

Last updated: 11:32 pm UTC, 21-Feb 2023

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