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 | -0.51% | -55.5 Pips |  |
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| Week 2024-03-22 | -0.75% | -81.9 Pips | |
||
| March | 0% | -0.3 Pips | |
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Upcoming key events for the new week (London Time)
Thu 07:00 AM Retail Trade Turnover (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Thu 10:00 PM Good Friday
Thu 11:00 PM Good Friday Bank Holiday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
Germany ifo Expectations in March rose to 87.5 points compared to previous figure 84.4 points (revised from 84.1 points) Source: ifo Institute
U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
Euro Area Consumer Confidence in March flash estimate improved to -14.9 points compared to previous figure -15.5 points in February Source: DG ECFIN
Germany Producer Price Index (12-mth) in February improved to -4.1% compared to previous figure -4.4% in January
U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.51% to 1.08050. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-22, the pair dropped -0.75% or -81.9 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 1.07568 (WS1) with break below could see further selling pressure towards 1.07086 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.09426 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 1.08015 would indicate selling pressure.
For the month of March, EURUSD is down by 0% or -0.3 pips lower.
Weekly key levels to watch out:
| R3 | 1.10390 |
| R2 | 1.09908 |
| R1 | 1.08979 |
| Weekly Pivot | 1.08497 |
| S1 | 1.07568 |
| S2 | 1.07086 |
| S3 | 1.06157 |
