EURUSD on Friday dropped -0.14% to 1.06432. Week ending 2023-09-22 moved lower by -0.15%. What happened.

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	-0.14%	-15.2 Pips
Week 2023-09-22	-0.15%	-16.4 Pips
September	-1.83%	-198.3 Pips

Upcoming key events for the new week (London Time)

  Thu 01:00 PM CPI Inflation Rate (12-mth)
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM GDP Annualized
  Thu 09:00 PM Federal Reserve Chair Jerome Powell speech
  Fri 07:00 AM Retail Trade Turnover (12-mth)
  Fri 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (1-mth)
  Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (12-mth)

What happened over the week

 Euro Area Consumer Confidence in September preliminary estimate exceed forecast and dropped to -17.8 points compared to previous figure -16 points in August Source: DG ECFIN
 U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
 In the week ending 16 September, U.S. Initial Unemployment Insurance Claims dropped to 201K compared to previous figure 221K (revised from 220K) Source: Department of Labor
 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
 Germany Producer Price Index (12-mth) in August below forecast and dropped to -12.6% compared to previous figure -6% in July
 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in August below forecast and dropped to 0.5% compared to previous figure 0.6% in July Source: Eurostat
 Euro Area Core Harmonised Index of Consumer Prices (HICP) (12-mth) in August unchanged at 5.3% compared to previous report in July. The actual figure is also in line with the forecast Source: Eurostat
 Euro Area Core Harmonized Index of Consumer Prices (HICP) (1-mth) in August unchanged at 0.3% compared to previous report in July. The actual figure is also in line with the forecast Source: Eurostat

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

EURUSD on Friday dropped -0.14% to 1.06432. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-09-22, the pair dropped -0.15% or -16.4 pips lower.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.06147.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.07370 or at least consolidates above Weekly Pivot level of 1.06650. On the downside, we are looking at week low 1.06147 or 1.05929 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.06147 would indicate selling pressure.

For the month of September, EURUSD is down by -1.83% or -198.3 pips lower.

Weekly key levels to watch out: