• Wed. Jul 17th, 2024

EURUSD on Friday rose 0.3% to 1.09367. Week ending 2023-11-24 rose 0.21%. What’s going on.

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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 0.3% 33.2 Pips
Week 2023-11-24 0.21% 22.9 Pips
November 3.43% 362.3 Pips

Upcoming key events for the new week (London Time)

  Wed 01:00 PM CPI Inflation Rate (12-mth)
  Wed 01:00 PM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Wed 01:30 PM GDP Annualized
  Thu 07:00 AM Retail Trade Turnover (12-mth)
  Thu 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
  Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇩🇪 Germany ifo Current Assessment in November below forecast and rose to 89.4 points compared to previous figure 89.2 points in October Source: ifo Institute
🇩🇪 Germany Gross Domestic Product WDA (12-mth) in Q3 unchanged at -0.8% compared to previous report in Q2. Source: Federal Statistical Office (Destatis)
🇪🇺 Euro Area Consumer Confidence in November preliminary estimate unchanged at -17.9 points compared to previous report in October. Source: DG ECFIN
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau
🇩🇪 Germany Producer Price Index (12-mth) in October improved to -11% compared to previous figure -14.7% in September
🇩🇪 Germany Producer Price Index (1-mth) in October improved to -0.1% compared to previous figure -0.2% in September Source: Federal Statistical Office (Destatis)


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

EURUSD on Friday rose 0.3% to 1.09367. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-11-24, the pair rose 0.21% or 22.9 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 1.09838 (WR1) with break above could target 1.10309 (WR2). On the downside, we are looking at week low of 1.08522 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09651 would suggest bullish bias after recent positive movement.

For the month of November, EURUSD is up by 3.43% or 362.3 pips higher.

Weekly key levels to watch out:

R3 1.10967
R2 1.10309
R1 1.09838
Weekly Pivot 1.09180
S1 1.08709
S2 1.08051
S3 1.07580
On Key

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