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% | -89.1 Pips |  |
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| Week 2024-06-07 | -0.41% | -45 Pips |  |
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| June | -0.41% | -45 Pips | |
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Upcoming key events for the new week (London Time)
Wed 07:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
Wed 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM CPI Inflation Rate (1-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM Interest Rate Projections
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
ECB Interest Rate on main refinancing operations (MRO) decreased to 4.25% with effect from 12 June 2024. Source: European Central Bank
U.S. Nonfarm Payroll Employment in May rose to 272K compared to previous figure 165, revised from 175K in April Source: Bureau of Labor Statistics
U.S. Unemployment Rate in May rose to 4% compared to previous figure 3.9% in April Source: Bureau of Labor Statistics
Euro Area GDP (seasonally adjusted) (3-mth) in Q1 unchanged at 0.3% compared to previous report in Q4. Source: Eurostat
U.S. Nonfarm Business Labor Productivity in Q1 dropped to 0.2% compared to previous figure 0.3% in Q4 Source: Bureau of Labor Statistics
Euro Area Retail Trade Turnover (12-mth) in April dropped to 0% compared to previous figure 0.7% in March Source: Eurostat
Germany Factory Orders n.seasonal adjustment. (12-mth) in April rose to -1.9% compared to previous figure -2.4% (revised from -1.9%)
Germany Factory Orders seasonal adjustment. (1-mth) in April rose to -0.2% compared to previous figure -0.8% (revised from -0.4%)
Euro Area Producer Price Index (12-mth) in April improved to -5.7% compared to previous figure -7.8% in March
U.S. Factory Orders (1-mth) in April unchanged at 0.7% compared to previous report in March. Source: Census Bureau
U.S. Job Openings and Labor Turnover Survey (JOLTS) in April dropped to 8.059M compared to previous figure 8.355, revised from 8.488M in March Source: Bureau of Labor Statistics
Germany Unemployment Change in May rose to 25K compared to previous figure 10K in April Source: Destatis
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.82% to 1.08000. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-06-07, the pair dropped -0.41% or -45 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 1.09160 or at least consolidates above Weekly Pivot level of 1.08384. On the downside, we are looking at week low 1.07993 or 1.07609 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.07993 would indicate selling pressure.
For the month of June, EURUSD is down by -0.41% or -45 pips lower.
Weekly key levels to watch out:
| R3 | 1.09943 |
| R2 | 1.09551 |
| R1 | 1.08776 |
| Weekly Pivot | 1.08384 |
| S1 | 1.07609 |
| S2 | 1.07217 |
| S3 | 1.06442 |
