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 | -0.16% | -16.8 Pips |  |
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| Week 2024-06-21 | -0.1% | -11.2 Pips |  |
||
| June | -1.33% | -144.4 Pips | |
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Upcoming key events for the new week (London Time)
Wed 09:30 PM Bank Stress Test Results
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
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
🇪🇺 Euro Area Consumer Confidence in June flash estimate improved to -14 points compared to previous figure -14.3 points in May Source: DG ECFIN
🇺🇸 In the week ending 15 June, U.S. Initial Unemployment Insurance Claims dropped to 238K compared to previous figure 243K (revised from 242K) Source: Department of Labor
🇩🇪 Germany Producer Price Index (1-mth) in May dropped to 0% compared to previous figure 0.2% in April Source: Federal Statistical Office (Destatis)
🇺🇸 U.S. Industrial Production (1-mth) in May rose to 0.9% compared to previous figure 0% in April
🇺🇸 U.S. Monthly Retail Trade (1-mth) in May rose to 0.1% compared to previous figure -0.2, revised from 0% in April Source: Census Bureau
🇩🇪 Germany ZEW Indicator of Economic Sentiment in June rose to 47.5 points compared to previous figure 47.1 points in May Source: ZEW
🇪🇺 Euro Area Core Harmonised Index of Consumer Prices (HICP) (12-mth) in May unchanged at 2.9% compared to previous report in April. Source: Eurostat
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.16% to 1.06910. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-06-21, the pair dropped -0.1% or -11.2 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 1.07612 or at least consolidates above Weekly Pivot level of 1.07076. On the downside, we are looking at week low 1.06707 or 1.06541 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.06707 would indicate selling pressure.
For the month of June, EURUSD is down by -1.33% or -144.4 pips lower.
Weekly key levels to watch out:
| R3 | 1.08351 |
| R2 | 1.07981 |
| R1 | 1.07446 |
| Weekly Pivot | 1.07076 |
| S1 | 1.06541 |
| S2 | 1.06171 |
| S3 | 1.05636 |
