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 | 0.01% | 1 Pips |  |
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| Week 2024-03-29 | -0.14% | -15 Pips |  |
||
| March | -0.14% | -15.3 Pips | |
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Upcoming key events for the new week (London Time)
Tue 01:00 PM CPI Inflation Rate (12-mth)
Wed 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 10:00 AM Retail Trade Turnover (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment
What happened over the week
U.S. Personal Consumption Expenditures Price Index (12-mth) in February dropped to 2.8% compared to previous figure 2.9, revised from 2.8% in January Source: Bureau of Economic Analysis
U.S. Personal Consumption Expenditures – Price Index (1-mth) in February dropped to 0.3% compared to previous figure 0.4, revised from 0.3% in January
U.S. Michigan Index of Consumer Sentiment in March rose to 79.4 points compared to previous figure 76.5 points in February Source: University of Michigan
U.S. UoM 5-year Consumer Inflation Expectation in March dropped to 2.8% compared to previous figure 2.9% in February Source: University of Michigan
In the week ending 23 March, U.S. Initial Unemployment Insurance Claims dropped to 210K compared to previous figure 212K (revised from 210K) Source: Department of Labor
Germany Unemployment Change in March dropped to 4K compared to previous figure 11K in February Source: Destatis
Germany Retail Trade Turnover (12-mth) in February dropped to -2.7% compared to previous figure -1.4% in January Source: Destatis
Germany Retail Trade (1-mth) in February dropped to -1.9% compared to previous figure -0.4% in January Source: Destatis
Euro Area Business Climate (BCI) in March dropped to -0.42 points compared to previous figure -0.41 points (revised from -0.42 points) Source: European Commission
U.S. Housing Price Index (1-mth) in January dropped to -0.1% compared to previous figure 0.1% in December
U.S. Durable Goods Orders in February rose to -6.1% compared to previous figure -6.9% (revised from -6.1%) Source: Census Bureau
Germany Gfk Consumer Confidence Survey in April improved to -27.4 points compared to previous figure -28.8, revised from -29 points in March Source: GfK
U.S. New-Home Sales Change (1-mth) in February dropped to -0.3% compared to previous figure 1.7, revised from 1.5% in January
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.01% to 1.07900. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2024-03-29, the pair dropped -0.14% or -15 pips lower.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07677.
For the new week, our technical outlook looks bearish, immediate support level is at 1.07504 (WS1) with break below could see further selling pressure towards 1.07107 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.08643 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 1.07677 would indicate selling pressure.
For the month of March, EURUSD is down by -0.14% or -15.3 pips lower.
Weekly key levels to watch out:
| R3 | 1.09436 |
| R2 | 1.09039 |
| R1 | 1.08470 |
| Weekly Pivot | 1.08073 |
| S1 | 1.07504 |
| S2 | 1.07107 |
| S3 | 1.06538 |
