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 | -0.29% | -31.3 Pips |  |
||
| Week 2023-12-01 | -0.54% | -59.4 Pips |  |
||
| December | -0.26% | -28.9 Pips | |
||
Upcoming key events for the new week (London Time)
Mon 02:00 PM European Central Bank’s President Christine Lagarde speech
Tue 03:00 PM ISM Services PMI
Wed 10:00 AM Retail Trade Turnover (12-mth)
Thu 10:00 AM GDP (seasonally adjusted) (3-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 07:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇪🇺 Euro Area Unemployment Rate in October unchanged at 6.5% compared to previous report in September. The actual figure is also in line with the forecast Source: Eurostat
🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in November preliminary estimate below forecast and dropped to 2.4% compared to previous figure 2.9% in October Source: Eurostat
🇩🇪 Germany Unemployment Rate seasonal adjustment. in November exceed forecast and rose to 5.9% compared to previous figure 5.8% in October Source: Destatis
🇩🇪 Germany Retail Trade (1-mth) in October exceed forecast and rose to 1.1% compared to previous figure -0.8% in September Source: Destatis
🇩🇪 Germany CPI Inflation Rate (12-mth) in November preliminary estimate below forecast and dropped to 3.2% compared to previous figure 3.8% in October
🇪🇺 Euro Area Business Climate (BCI) in November dropped to -0.39 points compared to previous figure -0.33 points in October Source: European Commission
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇩🇪 Germany Gfk Consumer Confidence Survey in December below forecast and improved to -27.8 points compared to previous figure -28.1 points in November Source: GfK
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.29% to 1.08810. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-12-01, the pair dropped -0.54% or -59.4 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 1.10169 or at least consolidates above Weekly Pivot level of 1.09089. On the downside, we are looking at week low 1.08287 or 1.08008 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.08287 would indicate selling pressure.
For the month of December, EURUSD is down by -0.26% or -28.9 pips lower.
Weekly key levels to watch out:
| R3 | 1.11772 |
| R2 | 1.10971 |
| R1 | 1.09890 |
| Weekly Pivot | 1.09089 |
| S1 | 1.08008 |
| S2 | 1.07207 |
| S3 | 1.06126 |
