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 | 0.11% | 11.6 Pips |  |
||
| Week 2024-05-31 | 0% | 0 Pips |  |
||
| May | 1.65% | 176 Pips |  |
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Upcoming key events for the new week (London Time)
Thu 10:00 AM Retail Trade Turnover (12-mth)
Thu 01:15 PM ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:00 AM European Parliament Election
Fri 10:00 AM GDP (seasonally adjusted) (3-mth)
Fri 10:00 AM GDP (seasonally adjusted) (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment
Fri 01:30 PM Average Hourly Earnings (12-mth)
What happened over the week
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in April unchanged at 0.3% compared to previous report in March.
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in April unchanged at 2.7% compared to previous report in March.
🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in May flash estimate rose to 2.6% compared to previous figure 2.4% in April Source: Eurostat
🇩🇪 Germany Retail Trade (1-mth) in April dropped to -1.2% compared to previous figure 2.6% (revised from 1.8%) Source: Destatis
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.3% compared to previous figure 1.6% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 May, U.S. Initial Unemployment Insurance Claims rose to 219K compared to previous figure 216K (revised from 215K) Source: Department of Labor
🇪🇺 Euro Area Unemployment Rate in April dropped to 6.4% compared to previous figure 6.5% in March Source: Eurostat
🇩🇪 Germany CPI Inflation Rate (12-mth) in May flash estimate rose to 2.4% compared to previous figure 2.2% in April
🇩🇪 Germany Gfk Consumer Confidence Survey in June improved to -20.9 points compared to previous figure -24, revised from -24.2 points in May Source: GfK
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.1% compared to previous figure 1.2% in February
🇩🇪 Germany ifo Expectations in May rose to 90.4 points compared to previous figure 89.9 points in April Source: ifo Institute
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.11% to 1.08450. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-05-31, the pair dropped 0% or 0 pips lower.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07879.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.08890 or at least consolidates above Weekly Pivot level of 1.08406. On the downside, we are looking at week low 1.07879 or 1.07923 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.07879 would indicate selling pressure.
For the month of May, EURUSD is up by 1.65% or 176 pips higher.
Weekly key levels to watch out:
| R3 | 1.09945 |
| R2 | 1.09417 |
| R1 | 1.08934 |
| Weekly Pivot | 1.08406 |
| S1 | 1.07923 |
| S2 | 1.07395 |
| S3 | 1.06912 |
