• Thu. Apr 18th, 2024

EURUSD on Friday rose 0.01% to 1.10120. Week ending 2023-12-22 rose 1.1%. What’s going on.

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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

Performance
Period Pct Chg Momentum
Friday 0.01% 1.1 Pips
Week 2023-12-22 1.1% 119.8 Pips
December 1.16% 125.9 Pips

Upcoming key events for the new week (London Time)

  Mon 05:00 AM Christmas Day
  Mon 10:00 PM Boxing Day
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in December exceed forecast and rose to 69.7 points compared to previous figure 69.4 points in November Source: University of Michigan
🇺🇸 U.S. New-Home Sales Change (1-mth) in November below forecast and dropped to -12.2% compared to previous figure -4, revised from -5.6% in October
🇺🇸 U.S. Personal Spending in November rose to 0.2% compared to previous figure 0.1% (revised from 0.2%) Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures Price Index (12-mth) in November dropped to 3.2% compared to previous figure 3.4% (revised from 3.5%) Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods Orders excluding Defense in November exceed forecast and rose to 6.5% compared to previous figure -6.4, revised from -6.7% in October Source: Census Bureau
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q3 below forecast and dropped to 2.6% compared to previous figure 2.8% in Q2 Source: Bureau of Economic Analysis
🇺🇸 U.S. Gross Domestic Product Price Index in Q3 below forecast and dropped to 3.3% compared to previous figure 3.5% in Q2 Source: Bureau of Economic Analysis
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in December below forecast and dropped to -10.5 points compared to previous figure -5.9 points in November
🇪🇺 Euro Area Consumer Confidence in December preliminary estimate below forecast and improved to -15.1 points compared to previous figure -16.9 points in November Source: DG ECFIN
🇩🇪 Germany Producer Price Index (1-mth) in November exceed forecast and dropped to -0.5% compared to previous figure -0.1% in October Source: Federal Statistical Office (Destatis)
🇩🇪 Germany Gfk Consumer Confidence Survey in January below forecast and improved to -25.1 points compared to previous figure -27.6, revised from -27.8 points in December Source: GfK
🇺🇸 U.S. Housing Starts (1-mth) in November exceed forecast and rose to 1.56M compared to previous figure 1.359, revised from 1.372M in October Source: Census Bureau
🇺🇸 U.S. Building Permits (1-mth) in November below forecast and dropped to 1.46M compared to previous figure 1.498, revised from 1.487M in October Source: Census Bureau
🇪🇺 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in November exceed forecast and dropped to -0.6% compared to previous figure -0.5% in October Source: Eurostat
🇩🇪 Germany ifo Expectations in December dropped to 84.3 points compared to previous figure 85.1 points (revised from 85.2 points) Source: ifo Institute


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

EURUSD on Friday rose 0.01% to 1.10120. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-12-22, the pair rose 1.1% or 119.8 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.08914.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.10709 (WR1) with break above could target 1.11299 (WR2). On the downside, we are looking at week low of 1.08914 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.10401 would suggest bullish bias after recent positive movement.

For the month of December, EURUSD is up by 1.16% or 125.9 pips higher.

Weekly key levels to watch out:

R3 1.12196
R2 1.11299
R1 1.10709
Weekly Pivot 1.09812
S1 1.09222
S2 1.08325
S3 1.07735
On Key

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