• Mon. May 20th, 2024

EURUSD on Friday rose 0.1% to 1.08956. Week ending 2024-03-15 moved lower by -0.39%. What happened.

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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 0.1% 10.9 Pips
Week 2024-03-15 -0.39% -42.5 Pips
March 0.84% 90.3 Pips

Upcoming key events for the new week (London Time)

  Wed 06:00 PM FOMC Monetary Policy Statement
  Wed 06:00 PM FOMC Economic Projections
  Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
  Thu 12:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March flash estimate dropped to 76.5 points compared to previous figure 76.9 points in February Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in February rose to -0.1% compared to previous figure -0.5% (revised from -0.1%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇺🇸 U.S. Producer Price Index (1-mth) in February rose to 0.6% compared to previous figure 0.3% in January
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in February rose to 3.2% compared to previous figure 3.1% in January Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in February rose to 0.4% compared to previous figure 0.3% in January Source: Bureau of Labor Statistics


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

EURUSD on Friday rose 0.1% to 1.08956. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-15, the pair dropped -0.39% or -42.5 pips lower.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.08755.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.09638 or at least consolidates above Weekly Pivot level of 1.09116. On the downside, we are looking at week low 1.08755 or 1.08595 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.08755 would indicate selling pressure.

For the month of March, EURUSD is up by 0.84% or 90.3 pips higher.

Weekly key levels to watch out:

R3 1.10361
R2 1.09999
R1 1.09478
Weekly Pivot 1.09116
S1 1.08595
S2 1.08233
S3 1.07712
On Key

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