Dear ,
As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.
EURUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.02% | -2.2 Pips |  |
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| Week 2024-04-05 | 0.43% | 46 Pips |  |
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| April | 0.43% | 46 Pips |  |
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Upcoming key events for the new week (London Time)
Tue 09:00 AM Euro area Bank Lending Survey
Wed 01:30 PM CPI Inflation Rate (1-mth)
Wed 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:15 PM ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Nonfarm Payroll Employment in March rose to 303K compared to previous figure 270, revised from 275K in February Source: Bureau of Labor Statistics
🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in February rose to 0.2% compared to previous figure -11.4% (revised from -11.3%)
🇺🇸 U.S. Challenger Job Cuts in March rose to 90.309K compared to previous figure 84.638K in February
🇪🇺 Euro Area Producer Price Index (1-mth) in February dropped to -1% compared to previous figure -0.9% in January
🇪🇺 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in March flash estimate rose to 0.8% compared to previous figure 0.6% in February Source: Eurostat
🇪🇺 Euro Area Unemployment Rate in February unchanged at 6.5% compared to previous report in January. Source: Eurostat
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in February rose to 8.756M compared to previous figure 8.748, revised from 8.863M in January Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in February rose to 1.4% compared to previous figure -3.8, revised from -3.6% in January Source: Census Bureau
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in March flash estimate unchanged at 0.6% compared to previous report in February.
🇩🇪 Germany CPI Inflation Rate (12-mth) in March flash estimate dropped to 2.2% compared to previous figure 2.5% in February
🇩🇪 Germany CPI Inflation Rate (1-mth) in March flash estimate unchanged at 0.4% compared to previous report in February.
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth) in March flash estimate dropped to 2.3% compared to previous figure 2.7% in February Source: Destatis
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.02% to 1.08360. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-04-05, the pair rose 0.43% or 46 pips higher.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07244.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.08766 or at least consolidates above Weekly Pivot level of 1.08123. On the downside, we are looking at week low 1.07244 or 1.07481 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.08766 would suggest bullish bias after recent positive movement.
For the month of April, EURUSD is up by 0.43% or 46 pips higher.
Weekly key levels to watch out:
| R3 | 1.10525 |
| R2 | 1.09645 |
| R1 | 1.09003 |
| Weekly Pivot | 1.08123 |
| S1 | 1.07481 |
| S2 | 1.06601 |
| S3 | 1.05959 |
