• Thu. Nov 7th, 2024

EURUSD on Friday dropped -0.1% to 1.07694. Week ending 2024-05-10 rose 0.08%. What happened.

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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

Performance
Period Pct Chg Momentum
Friday -0.1% -11.3 Pips
Week 2024-05-10 0.08% 8.5 Pips
May 0.94% 100.4 Pips

Upcoming key events for the new week (London Time)

  Tue 01:30 PM PPI excluding Food and Energy sectors (12-mth)
  Wed 10:00 AM GDP (seasonally adjusted) (3-mth)
  Wed 10:00 AM GDP (seasonally adjusted) (12-mth)
  Wed 01:30 PM CPI Inflation Rate (12-mth)
  Wed 01:30 PM Monthly Retail Trade (1-mth)
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in May flash estimate rose to 3.1% compared to previous figure 3% in April Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in May flash estimate dropped to 67.4 points compared to previous figure 77.2 points in April Source: University of Michigan
🇺🇸 In the week ending 04 May, U.S. Initial Unemployment Insurance Claims rose to 231K compared to previous figure 209K (revised from 208K) Source: Department of Labor
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in March improved to -3.3% compared to previous figure -4.9% in February
🇪🇺 Euro Area Retail Trade Turnover (1-mth) in March rose to 0.8% compared to previous figure -0.3, revised from -0.5% in February
🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in March dropped to -0.4% compared to previous figure 0.2% in February
🇪🇺 Euro Area Producer Price Index (12-mth) in March improved to -7.8% compared to previous figure -8.5, revised from -8.3% in February
🇪🇺 Euro Area Sentix Investor Confidence in May improved to -3.6 points compared to previous figure -5.9 points in April


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

EURUSD on Friday dropped -0.1% to 1.07694. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-05-10, the pair rose 0.08% or 8.5 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07236.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.07907 or at least consolidates above Weekly Pivot level of 1.07612. On the downside, we are looking at week low 1.07236 or 1.07318 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07907 would suggest bullish bias after recent positive movement.

For the month of May, EURUSD is up by 0.94% or 100.4 pips higher.

Weekly key levels to watch out:

R3 1.08660
R2 1.08283
R1 1.07989
Weekly Pivot 1.07612
S1 1.07318
S2 1.06941
S3 1.06647