EURUSD on Friday rose 0.3% to 1.09054. Week ending 2024-07-12 rose 0.73%. What’s going on.

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	0.3%	32.3 Pips
Week 2024-07-12	0.73%	79.4 Pips
July	1.58%	170.1 Pips

Upcoming key events for the new week (London Time)

  Mon 07:00 AM Retail Trade Turnover (12-mth)
  Tue 09:00 AM Euro area Bank Lending Survey
  Tue 01:30 PM Monthly Retail Trade (1-mth)
  Thu 01:15 PM ECB Interest Rate on main refinancing operations (MRO)
  Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics
🇩🇪 Germany Harmonized Index of Consumer Prices (1-mth)| Jun in June unchanged at 0.2% compared to previous report in May.
🇩🇪 Germany Harmonised Index of Consumer Prices (HICP) (12-mth)| Jun in June unchanged at 2.5% compared to previous report in May. Source: Destatis
🇪🇺 Euro Area sentix Economic Index for the Eurozone in July dropped to -7.3 points compared to previous figure 0.3 points in June Source: sentix GmbH

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

EURUSD on Friday rose 0.3% to 1.09054. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-07-12, the pair rose 0.73% or 79.4 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 1.09425 (WR1) with break above could target 1.09795 (WR2). On the downside, we are looking at week low of 1.08062 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09114 would suggest bullish bias after recent positive movement.

For the month of July, EURUSD is up by 1.58% or 170.1 pips higher.

Weekly key levels to watch out: