• Wed. May 29th, 2024

EURUSD on Friday dropped -0.08% to 1.09390. Week ending 2024-03-08 rose 0.94%. What’s going on.


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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

EURUSD Analysis

Period Pct Chg Momentum
Friday -0.08% -9 Pips
Week 2024-03-08 0.94% 102.2 Pips
March 1.24% 133.7 Pips

Upcoming key events for the new week (London Time)

  Tue 07:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Tue 12:30 PM CPI Inflation Rate (12-mth)
  Thu 12:30 PM Initial Unemployment Insurance Claims
  Thu 12:30 PM PPI excluding Food and Energy sectors (12-mth)
  Thu 12:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇺🇸 U.S. Nonfarm Payroll Employment in February rose to 275K compared to previous figure 229K (revised down by 124K) in January Source: Bureau of Labor Statistics
🇩🇪 Germany Producer Price Index (12-mth) in January rose to -4.4% compared to previous figure -5.1% (revised from -8.6%)
🇩🇪 Germany Industrial Production seasonal adjustment. (1-mth) in January rose to -1.6% compared to previous figure -2% (revised from -1.6%)
🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in January dropped to -11.3% compared to previous figure 12% (revised from 8.9%)
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau
🇪🇺 Euro Area Producer Price Index (1-mth) in January unchanged at -0.9% compared to previous report in December.
🇪🇺 Euro Area Sentix Investor Confidence in March improved to -10.5 points compared to previous figure -12.9 points in February

What can we expect from EURUSD for the new week and what happened on Friday?

EURUSD on Friday dropped -0.08% to 1.09390. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2024-03-08, the pair rose 0.94% or 102.2 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.08349.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.10019 (WR1) with break above could target 1.10648 (WR2). On the downside, we are looking at week low of 1.08349 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09813 would suggest bullish bias after recent positive movement.

For the month of March, EURUSD is up by 1.24% or 133.7 pips higher.

Weekly key levels to watch out:

R3 1.11483
R2 1.10648
R1 1.10019
Weekly Pivot 1.09184
S1 1.08555
S2 1.07720
S3 1.07091
On Key

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