EURUSD on Friday rose 0.36% to 1.05857. Week ending 2023-10-06 rose 0.14%. . What happened.

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	0.36%	38.3 Pips
Week 2023-10-06	0.14%	14.8 Pips
October	0.14%	14.8 Pips

Upcoming key events for the new week (London Time)

  Mon 06:00 AM Columbus Day
  Wed 07:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
  Wed 01:30 PM Producer Price Index (12-mth)
  Wed 07:00 PM FOMC Meeting Minutes
  Thu 01:30 PM Initial Unemployment Insurance Claims
  Thu 01:30 PM CPI Inflation Rate (12-mth)
  Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

 U.S. Nonfarm Payroll Employment in September exceed forecast and rose to 336K compared to previous figure 227, revised from 187K in August Source: Bureau of Labor Statistics
 U.S. Average Hourly Earnings (12-mth) in September below forecast and dropped to 4.2% compared to previous figure 4.3% in August Source: Bureau of Labor Statistics
 Germany Factory Orders n.seasonal adjustment. (12-mth) in August rose to -4.2% compared to previous figure -10.1% (revised from -10.5%)
 In the week ending 30 September, U.S. Initial Unemployment Insurance Claims rose to 207K compared to previous figure 205K (revised from 204K) Source: Department of Labor
 U.S. Factory Orders (1-mth) in August exceed forecast and rose to 1.2% compared to previous figure -2.1% in July Source: Census Bureau
 Euro Area Producer Price Index (1-mth) in August rose to 0.6% compared to previous figure -0.5% in July
 Euro Area Retail Trade Turnover (1-mth) in August exceed forecast and dropped to -1.2% compared to previous figure -0.1, revised from -0.2% in July
 U.S. Job Openings and Labor Turnover Survey (JOLTS) in August exceed forecast and rose to 9.61M compared to previous figure 8.92, revised from 8.827M in July Source: Bureau of Labor Statistics

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

EURUSD on Friday rose 0.36% to 1.05857. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-10-06, the pair rose 0.14% or 14.8 pips higher.

Looking ahead on Monday, EURUSD looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.06000 or at least consolidates above Weekly Pivot level of 1.05446. On the downside, we are looking at week low 1.04480 or 1.04891 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.06000 would suggest bullish bias after recent positive movement.

For the month of October, EURUSD is up by 0.14% or 14.8 pips higher.

Weekly key levels to watch out: