• Thu. Jul 18th, 2024

EURUSD on Friday dropped -0.89% to 1.08948. Week ending 2023-12-15 rose 1.25%. What happened.


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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

EURUSD Analysis

Period Pct Chg Momentum
Friday -0.89% -97.3 Pips
Week 2023-12-15 1.25% 134 Pips
December 0.08% 8.7 Pips

Upcoming key events for the new week (London Time)

  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM GDP Annualized
  Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 In the week ending 09 December, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 220K Source: Department of Labor
🇺🇸 U.S. Monthly Retail Trade (1-mth) in November exceed forecast and rose to 0.3% compared to previous figure -0.2, revised from -0.1% in October Source: Census Bureau
🇪🇺 Euro Area ECB Interest Rate on main refinancing operations (MRO) unchanged at 4.5% compared to previous rate 4.5% Source: European Central Bank
🇺🇸 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 dropped to 4.6% compared to previous rate 5.1%
🇺🇸 U.S. Producer Price Index (12-mth) in November below forecast and dropped to 0.9% compared to previous figure 1.2, revised from 1.3% in October
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in October exceed forecast and improved to -0.7% compared to previous figure -1, revised from -1.1% in September
🇺🇸 U.S. Monthly Budget Statement in November exceed forecast and dropped to -314$ compared to previous figure -67$ in October Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in November dropped to 3.1% compared to previous figure 3.2% in October Source: Bureau of Labor Statistics

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

EURUSD on Friday dropped -0.89% to 1.08948. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-12-15, the pair rose 1.25% or 134 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07414.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.10092 or at least consolidates above Weekly Pivot level of 1.08818. On the downside, we are looking at week low 1.07414 or 1.07544 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.10092 would suggest bullish bias after recent positive movement.

For the month of December, EURUSD is up by 0.08% or 8.7 pips higher.

Weekly key levels to watch out:

R3 1.12900
R2 1.11496
R1 1.10222
Weekly Pivot 1.08818
S1 1.07544
S2 1.06140
S3 1.04866
On Key

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