• Sat. Jun 15th, 2024

EURUSD on Friday rose 0.28% to 1.08450. Week ending 2024-05-24 moved lower by -0.21%. 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

Period Pct Chg Momentum
Friday 0.28% 30.8 Pips
Week 2024-05-24 -0.21% -22.4 Pips
May 1.65% 176 Pips

Upcoming key events for the new week (London Time)

  Mon 06:00 AM Memorial Day
  Wed 01:00 PM CPI Inflation Rate (1-mth)
  Wed 01:00 PM CPI Inflation Rate (12-mth)
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM GDP Annualized
  Fri 07:00 AM Retail Trade Turnover (12-mth)
  Fri 10:00 AM Harmonized Index of Consumer Prices (HICP) (1-mth)
  Fri 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
  Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in May dropped to 3% compared to previous figure 3.1% in April Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in May rose to 69.1 points compared to previous figure 67.4 points in April Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in April rose to 2.6% compared to previous figure 0.8% (revised from 2.6%) Source: Census Bureau
🇩🇪 Germany GDP (3-mth) in Q1 unchanged at 0.2% compared to previous report in Q4. Source: Federal Statistical Office (Destatis)
🇺🇸 U.S. New-Home Sales Change (1-mth) in April dropped to -4.7% compared to previous figure 5.4, revised from 8.8% in March
🇺🇸 In the week ending 18 May, U.S. Initial Unemployment Insurance Claims dropped to 215K compared to previous figure 223K (revised from 222K) Source: Department of Labor
🇩🇪 Germany Producer Price Index (12-mth) in April dropped to -3.3% compared to previous figure -2.9% in March

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

EURUSD on Friday rose 0.28% to 1.08450. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-05-24, the pair dropped -0.21% or -22.4 pips lower.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.08045.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.08845 or at least consolidates above Weekly Pivot level of 1.08447. On the downside, we are looking at week low 1.08045 or 1.08048 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.08045 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 1.09648
R2 1.09247
R1 1.08848
Weekly Pivot 1.08447
S1 1.08048
S2 1.07647
S3 1.07248
On Key

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