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 | -0.13% | -14.6 Pips |  |
||
| Week 2024-07-19 | -0.03% | -3.3 Pips |  |
||
| July | 1.37% | 146.9 Pips |  |
||
Upcoming key events for the new week (London Time)
Mon 07:00 AM Retail Trade Turnover (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP annual rate
Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
🇩🇪 Germany’s Producer Price Index (12-mth) in June improved to -1.6% from the previous figure of -2.2% in May.
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇪🇺 Euro Area ECB Interest Rate on main refinancing operations (MRO) unchanged at 4.25% compared to previous rate 4.25% Source: European Central Bank
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇪🇺 Euro Area Core Harmonized Index of Consumer Prices (HICP) in June rose to 0.4% compared to 0.3% in May. Source: Eurostat
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.13% to 1.08822. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-07-19, the pair dropped -0.03% or -3.3 pips lower.
Looking ahead on Monday, EURUSD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.09472 or at least consolidates above Weekly Pivot level of 1.09005. On the downside, we are looking at week low 1.08722 or 1.08539 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.08722 would indicate selling pressure.
For the month of July, EURUSD is up by 1.37% or 146.9 pips higher.
Weekly key levels to watch out:
| R3 | 1.10039 |
| R2 | 1.09755 |
| R1 | 1.09289 |
| Weekly Pivot | 1.09005 |
| S1 | 1.08539 |
| S2 | 1.08255 |
| S3 | 1.07789 |
