Today German CPI is set for release at 8:00am EST with a forecast of 0.4% (MoM) for the month of June with a previous read of 0.5%. This report comes with the YoY report which is also expected to drop to 2.3% from 2.5%
Later in the day, Consumer Confidence is scheduled for release at 10:00am EST with a positive forecast of 119.0 from the previous report of 117.2
Should these economic data reports come inline with expectations, EURUSD will most likely remain weighted as all eyes then focus more towards this Friday's jobs report.
The Delta variant is also beginning to spread throughout the Euro Area and one of the most recent comments from Angela Merkel that can't be ignored is "The euro area is walking on thin ice"
Later this week on Thursday we also have the German Employment Change which is also expected to show a decline in new jobs by -20k. The unemployment rate surprisingly though is expected to drop from 6.0% down to 5.9%
== TECHNICAL ANALYSIS ==
On the daily chart, this pair is now entering the 2 bearish impulse to the downside with support around 1.1850. The pullback up to the 38.2% retracement level followed with resistance from the 200 SMA was enough to cause bullish exhaustion. If we manage to break below 1.1850, expect 1.1770 to be the next level of support as it would intersect with the ascending support trendline.
Later in the day, Consumer Confidence is scheduled for release at 10:00am EST with a positive forecast of 119.0 from the previous report of 117.2
Should these economic data reports come inline with expectations, EURUSD will most likely remain weighted as all eyes then focus more towards this Friday's jobs report.
The Delta variant is also beginning to spread throughout the Euro Area and one of the most recent comments from Angela Merkel that can't be ignored is "The euro area is walking on thin ice"
Later this week on Thursday we also have the German Employment Change which is also expected to show a decline in new jobs by -20k. The unemployment rate surprisingly though is expected to drop from 6.0% down to 5.9%
== TECHNICAL ANALYSIS ==
On the daily chart, this pair is now entering the 2 bearish impulse to the downside with support around 1.1850. The pullback up to the 38.2% retracement level followed with resistance from the 200 SMA was enough to cause bullish exhaustion. If we manage to break below 1.1850, expect 1.1770 to be the next level of support as it would intersect with the ascending support trendline.