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 | 0.18% | 19.2 Pips |  |
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| Week 2024-07-05 | 0.95% | 101.7 Pips | |
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| July | 0.95% | 101.7 Pips | |
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Upcoming key events for the new week (London Time)
Tue 03:00 PM Federal Reserve Chair Jerome Powell testifies
Thu 01:30 PM CPI Inflation Rate (1-mth)
Thu 01:30 PM CPI Inflation Rate (12-mth)
Fri 07:00 AM Retail Trade Turnover (12-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Fri 03:00 PM Michigan Index of Consumer Sentiment
What happened over the week
🇺🇸 U.S. Average Hourly Earnings (12-mth) in June dropped to 3.9% compared to previous figure 4.1% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Average Hourly Earnings (1-mth) in June dropped to 0.3% compared to previous figure 0.4% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in June dropped to 206K compared to previous figure 272K in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Unemployment Rate in June rose to 4.1% compared to previous figure 4% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Labor Force Participation Rate in June rose to 62.6% compared to previous figure 62.5% in May
🇪🇺 Euro Area Retail Trade Turnover (12-mth) in May dropped to 0.3% compared to previous figure 0.6, revised from 0% in April Source: Eurostat
🇪🇺 Euro Area Retail Trade Turnover (1-mth) in May rose to 0.1% compared to previous figure -0.2, revised from -0.5% in April
🇩🇪 Germany Industrial Production n.seasonal adjustment. w.d.a. (12-mth) in May dropped to -6.7% compared to previous figure -3.9% in April
🇩🇪 Germany Industrial Production seasonal adjustment. (1-mth) in May dropped to -2.5% compared to previous figure -0.1% in April
🇩🇪 Germany Factory Orders n.seasonal adjustment. (12-mth) in May dropped to -8.6% compared to previous figure -1.6% in April
🇩🇪 Germany Factory Orders seasonal adjustment. (1-mth) in May dropped to -1.6% compared to previous figure -0.2% in April
🇺🇸 U.S. Factory Orders (1-mth) in May dropped to -0.5% compared to previous figure 0.4, revised from 0.7% in April Source: Census Bureau
🇺🇸 In the week ending 29 June, U.S. Initial Unemployment Insurance Claims rose to 238K compared to previous figure 233K Source: Department of Labor
🇪🇺 Euro Area Producer Price Index (1-mth) in May improved to -0.2% compared to previous figure -1% in April Source: Eurostat
🇪🇺 Euro Area Producer Price Index (12-mth) in May improved to -4.2% compared to previous figure -5.7% in April Source: Eurostat
🇪🇺 Euro Area Core Harmonized Index of Consumer Prices (HICP) (1-mth) in June flash estimate dropped to 0.3% compared to previous figure 0.4% in May Source: Eurostat
🇪🇺 Euro Area Unemployment Rate in May unchanged at 6.4% compared to previous report in April. Source: Eurostat
🇪🇺 Euro Area Harmonized Index of Consumer Prices (HICP) (1-mth) in June flash estimate unchanged at 0.2% compared to previous report in May. Source: Eurostat
🇪🇺 Euro Area Core Harmonised Index of Consumer Prices (HICP) (12-mth) in June flash estimate dropped to 2.8% compared to previous figure 2.9% in May Source: Eurostat
🇪🇺 Euro Area Harmonised Index of Consumer Prices (HICP) (12-mth) in June flash estimate dropped to 2.5% compared to previous figure 2.6% in May Source: Eurostat
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth) in June flash estimate unchanged at 0.2% compared to previous report in May.
🇩🇪 Germany CPI Inflation Rate (1-mth) in June flash estimate unchanged at 0.1% compared to previous report in May.
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.18% to 1.08370. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-07-05, the pair rose 0.95% or 101.7 pips higher.
Looking ahead on Monday, EURUSD looks bullish as the pair ended higher after Friday trading session.
As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.08829 (WR1) with break above could target 1.09287 (WR2). On the downside, we are looking at week low of 1.07106 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08426 would suggest bullish bias after recent positive movement.
For the month of July, EURUSD is up by 0.95% or 101.7 pips higher.
Weekly key levels to watch out:
| R3 | 1.10149 |
| R2 | 1.09287 |
| R1 | 1.08829 |
| Weekly Pivot | 1.07967 |
| S1 | 1.07509 |
| S2 | 1.06647 |
| S3 | 1.06189 |
