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 | 0.06% | 7 Pips |  |
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| Week 2024-02-09 | 0% | -0.4 Pips |  |
||
| February | -0.31% | -33.5 Pips |  |
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Upcoming key events for the new week (London Time)
Tue 01:30 PM CPI Inflation Rate (1-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 10:00 AM GDP (seasonally adjusted) (3-mth)
Wed 10:00 AM GDP (seasonally adjusted) (12-mth)
Thu 08:00 AM European Central Bank’s President Christine Lagarde speech
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Monthly Retail Trade (1-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)
What happened over the week
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in January unchanged at -0.2% compared to previous report in December.
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in December rose to -3% compared to previous figure -4.3% (revised from -4.8%)
🇪🇺 Euro Area Retail Trade Turnover (12-mth) in December dropped to -0.8% compared to previous figure -0.4, revised from -1.1% in November Source: Eurostat
🇩🇪 Germany Factory Orders n.seasonal adjustment. (12-mth) in December rose to 2.7% compared to previous figure -4.7% (revised from -4.4%)
🇪🇺 Euro Area Producer Price Index (12-mth) in December dropped to -10.6% compared to previous figure -8.8% in November
🇪🇺 Euro Area Sentix Investor Confidence in February improved to -12.9 points compared to previous figure -15.8 points in January
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.06% to 1.07845. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-02-09, the pair dropped 0% or -0.4 pips lower.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07224.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.07951 or at least consolidates above Weekly Pivot level of 1.07673. On the downside, we are looking at week low 1.07224 or 1.07396 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.07224 would indicate selling pressure.
For the month of February, EURUSD is down by -0.31% or -33.5 pips lower.
Weekly key levels to watch out:
| R3 | 1.08850 |
| R2 | 1.08400 |
| R1 | 1.08123 |
| Weekly Pivot | 1.07673 |
| S1 | 1.07396 |
| S2 | 1.06946 |
| S3 | 1.06669 |
