• Sat. Jun 15th, 2024

EURUSD on Friday rose 0.02% to 1.08674. Week ending 2024-05-17 rose 0.91%. 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 0.02% 1.8 Pips
Week 2024-05-17 0.91% 98 Pips
May 1.86% 198.4 Pips

Upcoming key events for the new week (London Time)

  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇪🇺 Euro Area Core Harmonised Index of Consumer Prices (HICP) (12-mth) in April unchanged at 2.7% compared to previous report in March. Source: Eurostat
🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in March dropped to 0.6% compared to previous figure 1, revised from 0.8% in February
🇪🇺 Euro Area GDP (seasonally adjusted) (3-mth) in Q1 flash estimate unchanged at 0.3% compared to previous report in Q4. Source: Eurostat
🇪🇺 Euro Area Employment Change (3-mth) in Q1 flash estimate unchanged at 0.3% compared to previous report in Q4.
🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
🇩🇪 Germany ZEW Indicator of Economic Sentiment in May rose to 47.1 points compared to previous figure 42.9 points in April Source: ZEW


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

EURUSD on Friday rose 0.02% to 1.08674. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-05-17, the pair rose 0.91% or 98 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07655.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.09198 (WR1) with break above could target 1.09721 (WR2). On the downside, we are looking at week low of 1.07655 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08950 would suggest bullish bias after recent positive movement.

For the month of May, EURUSD is up by 1.86% or 198.4 pips higher.

Weekly key levels to watch out:

R3 1.10493
R2 1.09721
R1 1.09198
Weekly Pivot 1.08426
S1 1.07903
S2 1.07131
S3 1.06608
On Key

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