For the bears, support levels exist at 0.8575 latest bottom of 12th May, also at o.8472 yearly bottom of April 5th , and finally at 0.8286 bottom from 18th February 2020.
For the bulls, important resistance levels exist at 0.8720 top of 26th of April, also at 0.8759 - 38.2% Fibonacci retracement level - , and finally at 0.8862 inside support bottom of 11th November 2020, which also coincides with the 50% Fibonacci retracement level.
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• Final Purchasing Managers reports are due to come out for all the major economies of EU including the figure from the UK. These reports will take front place on stage for today’s announcements, together with chatter by the Bank of England (BOE).
• European stocks stayed near record levels on Wednesday, helped by energy and consumer stocks, while strong economic data from the United States and Europe buoyed investor sentiment in a mostly quiet day of trading.
The pan-European STOXX 600 index traded 0.3% higher, holding just below its all-time high hit in the previous session.
• In April, retail sales fell by 5.5%, month-on-month, partially reversing a 7.7% jump from March. Economists had forecast a more modest 2.0% decline.
According to Destatis, the decline in April was attributed to the federal emergency brake in the 2nd half of April and the Easter business in March. Compared with the same month a year earlier, retail sales were up by 4.4%, coming up short of a forecasted 10.1% increase. In March, retail sales had been up by 11.0%, year-on-year.
• In April 2021, industrial producer prices rose by 1.0% in the euro area and by 0.9% in the EU, compared with March 2021, according to estimates from Eurostat, the statistical office of the European Union. In March 2021, prices increased by 1.1% in the euro area and by 1.2% in the EU.
• At 07:50 (GMT) EU French Final Services Purchasing Managers Index (PMI) coming out. This is Released monthly, on the third business day after the month ends. 'Actual' greater than 'Forecast' is usually positive for the affected instruments.
• At 07:55 (GMT) EU German Services Purchasing Managers Index (PMI) results are expected. This report is a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
• At 08:30 (GMT) UK Final Services PMI is also due. This indicator is a Survey of about 400 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
• At 16:00 (GMT) UK BOE Governor Andrew Bailey is Due to deliver a speech titled "How in practice can the financial sector take immediate action against climate change-related risks" at the Green Swan 2021 Global Virtual Conference.
European indices yesterday:
• DAX: +0.23%
• EURO: +0.41%
• MIB: +0.23%
• CAC: +0.50%
Sources: Investing.com, forexfactory.com