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 | 0.04% | 3.8 Pips |  |
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| Week 2024-02-16 | -0.06% | -6.3 Pips |  |
||
| February | -0.39% | -42.2 Pips |  |
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Upcoming key events for the new week (London Time)
Mon 05:00 AM Presidents’ Day
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in February flash estimate unchanged at 2.9% compared to previous report in January. Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in February flash estimate rose to 79.6 points compared to previous figure 79 points in January Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1%
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January
🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau
🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q4 flash estimate unchanged at 0.1% compared to previous report in Q3. Source: Eurostat
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇪🇺 Euro Area ZEW Survey – Economic Sentiment in February rose to 25 points compared to previous figure 22.7 points in January Source: ZEW
🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in February dropped to -81.7 points compared to previous figure -77.3 points in January Source: ZEW
🇩🇪 Germany ZEW Indicator of Economic Sentiment in February rose to 19.9 points compared to previous figure 15.2 points in January Source: ZEW
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.04% to 1.07758. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-02-16, the pair dropped -0.06% or -6.3 pips lower.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.06945.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.08055 or at least consolidates above Weekly Pivot level of 1.07586. On the downside, we are looking at week low 1.06945 or 1.07117 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.06945 would indicate selling pressure.
For the month of February, EURUSD is down by -0.39% or -42.2 pips lower.
Weekly key levels to watch out:
| R3 | 1.09337 |
| R2 | 1.08696 |
| R1 | 1.08227 |
| Weekly Pivot | 1.07586 |
| S1 | 1.07117 |
| S2 | 1.06476 |
| S3 | 1.06007 |
