EURUSD on Thursday dropped -0.05% to 1.0598. Incoming bears? Winners and losers.

EURUSD by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.05%	-5.6 Pips
Week to-date	-0.89%	-95.1 Pips
February	-2.44%	-264.8 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 🇪🇺 EUR Harmonized Index of Consumer Prices (MoM) in January below forecast and improved to -0.2% compared to previous figure -0.4% in December. Source
EUR IFO – Business Climate in February rose to 91.1 points compared to previous figure 90.1 points (revised from 90.2 points). Source
📆 🇺🇸 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

What can we expect from EURUSD today?

EURUSD on Thursday dropped -0.05% to 1.0598. Price is below 9-Day EMA while Stochastic is falling but in oversold zone.

Updated daily direction for EURUSD looks bearish as the pair posted lower in Thursday trading session.

Looking ahead for the day, immediate support level is at 1.05733 (S1) with break below could see further selling pressure towards 1.05489 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.0628 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 1.0576 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.89%.

Key levels to watch out:

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In Q4 2022, prices of second-hand dwellings decelerated significantly Source: INSEE
Decline in business births registered in January 2023 Source: INSEE
Inflation rate in January 2023 at +8.7% Source: Statistisches Bundesamt (Destatis)
Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve
In February 2023, the business climate in the building construction industry has deteriorated again Source: INSEE
In February 2023, the business climate in retail trade and in trade and repair of vehicles as a whole has slightly improved Source: INSEE
In February 2023, the business climate in manufacturing industry has slightly improved again Source: INSEE
In February 2023, the business climate in France has improved a little and the employment climate remains favourable Source: INSEE
In February 2023, the business climate has improved a bit again in services Source: INSEE

Last updated: 11:33 pm UTC, 23-Feb 2023

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