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 | -0.82% | -88.2 Pips |  |
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| Week 2024-04-12 | -1.82% | -197.5 Pips | |
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| April | -1.4% | -151.5 Pips | |
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Upcoming key events for the new week (London Time)
Mon 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. Michigan Index of Consumer Sentiment in April flash estimate dropped to 77.9 points compared to previous figure 79.4 points in March Source: University of Michigan
🇺🇸 U.S. Producer Price Index (12-mth) in March rose to 2.1% compared to previous figure 1.6% in February
🇺🇸 In the week ending 06 April, U.S. Initial Unemployment Insurance Claims dropped to 211K compared to previous figure 222K (revised from 221K) Source: Department of Labor
🇪🇺 ECB Interest Rate on main refinancing operations (MRO) unchanged at 4.5% compared to previous rate 4.5% Source: European Central Bank
🇺🇸 U.S. Monthly Budget Statement in March improved to -236$ compared to previous figure -296$ in February Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in March rose to 3.5% compared to previous figure 3.2% in February Source: Bureau of Labor Statistics
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in February improved to -4.9% compared to previous figure -5.5% in January
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.82% to 1.06385. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-04-12, the pair dropped -1.82% or -197.5 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 1.05453 (WS1) with break below could see further selling pressure towards 1.04521 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.08851 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 1.06220 would indicate selling pressure.
For the month of April, EURUSD is down by -1.4% or -151.5 pips lower.
Weekly key levels to watch out:
| R3 | 1.10715 |
| R2 | 1.09783 |
| R1 | 1.08084 |
| Weekly Pivot | 1.07152 |
| S1 | 1.05453 |
| S2 | 1.04521 |
| S3 | 1.02822 |
