EURUSD on Wednesday dropped -0.11% to 1.10111. What happened.

EURUSD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.11%	-11.8 Pips
Week to-date	-0.69%	-76.1 Pips
September	-0.63%	-69.3 Pips

Upcoming key events (London Time)

Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
Thu 01:15 PM EUR ECB Interest Rate on deposit facility
Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Thu 01:45 PM EUR ECB Monetary Policy Press Conference

What happened lately

🇺🇸 The U.S. Consumer Price Index (CPI) inflation rate for August remained steady at 0.2%, unchanged from the rate reported in July. Source: Bureau of Labor Statistics
🇺🇸 The U.S. CPI inflation rate over 12-month period for August decreased to 2.5% from 2.9% in July. Source: Bureau of Labor Statistics

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What can we expect from EURUSD today?

EURUSD on Wednesday dropped -0.11% to 1.10111. Price is below 9-Day EMA while Stochastic is falling.

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 1.09902 with break below could see further selling pressure towards S2 at 1.09693. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.10550 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.10017 would indicate selling pressure.

For the week to-date, take note that EURUSD is bearish as the pair posted lower by -0.69%.

Key levels to watch out:

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