EURUSD on Friday dropped -0.35% to 1.07025. Week ending 2024-06-14 moved lower by -0.71%. What you need to know.

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	-0.35%	-37.5 Pips
Week 2024-06-14	-0.71%	-76.4 Pips
June	-1.23%	-132.9 Pips

Upcoming key events for the new week (London Time)

  Tue 01:30 PM Monthly Retail Trade (1-mth)
  Wed 06:00 AM Juneteenth Freedom Day
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in June flash estimate dropped to 65.6 points compared to previous figure 69.1 points in May Source: University of Michigan
🇺🇸 In the week ending 08 June, U.S. Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K Source: Department of Labor
🇺🇸 U.S. Producer Price Index (1-mth) in May dropped to -0.2% compared to previous figure 0.5% in April Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in May dropped to 2.2% compared to previous figure 2.3, revised from 2.2% in April Source: Bureau of Labor Statistics
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in April dropped to -0.1% compared to previous figure 0.5, revised from 0.6% in March Source: Eurostat
🇺🇸 U.S. Interest Rate Projections rose to 5.1% compared to previous rate 4.6% Source: Federal Reserve
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Monthly Budget Statement in May dropped to -347$ compared to previous figure 209.5$ in April Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in May dropped to 0% compared to previous figure 0.3% in April Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in May dropped to 3.3% compared to previous figure 3.4% in April Source: Bureau of Labor Statistics
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in May unchanged at 0.2% compared to previous report in April.
🇪🇺 Euro Area sentix Economic Index for the Eurozone in June rose to 0.3 points compared to previous figure -3.6 points in May Source: sentix GmbH

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

EURUSD on Friday dropped -0.35% to 1.07025. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-06-14, the pair dropped -0.71% or -76.4 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 looks bearish, immediate support level is at 1.06293 (WS1) with break below could see further selling pressure towards 1.05560 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.08518 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.06673 would indicate selling pressure.

For the month of June, EURUSD is down by -1.23% or -132.9 pips lower.

Weekly key levels to watch out: