• Thu. Jul 18th, 2024

EURUSD on Friday rose 0.17% to 1.06596. Week ending 2023-09-15 moved lower by -0.37%. What you need to know.

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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 0.17% 17.6 Pips
Week 2023-09-15 -0.37% -39.4 Pips
September -1.68% -181.9 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM FOMC Monetary Policy Statement
Wed 07:00 PM FOMC Economic Projections
Wed 07:00 PM Interest Rate Projections
Wed 07:30 PM FOMC Press Conference
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 08:30 AM HCOB Composite PMI
Fri 08:30 AM HCOB Manufacturing PMI
Fri 08:30 AM HCOB Services PMI
Fri 09:00 AM HCOB Eurozone Composite PMI
Fri 09:00 AM HCOB Eurozone Manufacturing PMI
Fri 09:00 AM HCOB Eurozone Services PMI

What happened over the week

🇺🇸 U.S. New York Empire State Manufacturing Index in September exceed forecast and rose to 1.9 points compared to previous figure -19 points in August
🇺🇸 U.S. Producer Price Index (12-mth) in August exceed forecast and rose to 1.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Monthly Retail Trade (1-mth) in August exceed forecast and rose to 0.6% compared to previous figure 0.5, revised from 0.7% in July Source: Census Bureau
🇪🇺 Euro Area ECB Interest Rate on main refinancing operations (MRO) exceed forecast and rose to 4.5% compared to previous rate 4.25% Source: European Central Bank
🇺🇸 U.S. Monthly Budget Statement in August exceed forecast and rose to 89$ compared to previous figure -221$ in July Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in August dropped to 4.3% compared to previous figure 4.7% in July Source: Bureau of Labor Statistics
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in July exceed forecast and dropped to -1.1% compared to previous figure 0.4, revised from 0.5% in June
🇪🇺 Euro Area ZEW Survey – Economic Sentiment in September exceed forecast and dropped to -8.9 points compared to previous figure -5.5 points in August Source: ZEW
🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in September exceed forecast and dropped to -79.4 points compared to previous figure -71.3 points in August Source: ZEW
🇩🇪 Germany ZEW Indicator of Economic Sentiment in September below forecast and improved to -11.4 points compared to previous figure -12.3 points in August Source: ZEW


EURUSD Daily Chart by TradingView
 

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

EURUSD on Friday rose 0.17% to 1.06596. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-09-15, the pair dropped -0.37% or -39.4 pips lower.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.06315.

For the new week, our technical outlook looks bearish, immediate support level is at 1.06043 (WS1) with break below could see further selling pressure towards 1.05491 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.07692 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.06315 would indicate selling pressure.

For the month of September, EURUSD is down by -1.68% or -181.9 pips lower.

Weekly key levels to watch out:

R3 1.08797
R2 1.08245
R1 1.07420
Weekly Pivot 1.06868
S1 1.06043
S2 1.05491
S3 1.04666
On Key

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