• Sun. Jul 14th, 2024

EURUSD on Friday rose 0.57% to 1.09131. Week ending 2023-11-17 rose 2.14%. 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 0.57% 61.4 Pips
Week 2023-11-17 2.14% 228.3 Pips
November 3.2% 338.7 Pips

Upcoming key events for the new week (London Time)

  Tue 07:00 PM FOMC Meeting Minutes
  Wed 01:30 PM Initial Unemployment Insurance Claims
  Thu 05:00 AM Thanksgiving Day

What happened over the week

🇺🇸 U.S. Housing Starts (1-mth) in October rose to 1.372M compared to previous figure 1.346M (revised from 1.358M) Source: Census Bureau
🇺🇸 U.S. Industrial Production (1-mth) in October dropped to -0.6% compared to previous figure 0.1% (revised from 0.3%)
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in November below forecast and improved to -5.9 points compared to previous figure -9 points in October
🇺🇸 U.S. New York Empire State Manufacturing Index in November exceed forecast and rose to 9.1 points compared to previous figure -4.6 points in October
🇺🇸 U.S. Producer Price Index (12-mth) in October below forecast and dropped to 1.3% compared to previous figure 2.2% in September
🇪🇺 Euro Area Industrial Production seasonal adjustment. (1-mth) in September exceed forecast and dropped to -1.1% compared to previous figure 0.6% in August
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in October below forecast and dropped to 0.2% compared to previous figure 0.3% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.2% compared to previous figure 3.7% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in October below forecast and dropped to 0% compared to previous figure 0.4% in September Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.1% in September Source: Bureau of Labor Statistics
🇪🇺 Euro Area ZEW Survey – Economic Sentiment in November exceed forecast and rose to 13.8 points compared to previous figure 2.3 points in October Source: ZEW
🇪🇺 Euro Area Employment Change (3-mth) in Q3 preliminary estimate exceed forecast and rose to 0.3% compared to previous figure 0.2% in Q2
🇪🇺 Euro Area GDP (seasonally adjusted) (12-mth) in Q3 preliminary estimate unchanged at 0.1% compared to previous report in Q2. The actual figure is also in line with the forecast Source: Eurostat
🇩🇪 Germany ZEW Indicator of Economic Sentiment in November exceed forecast and rose to 9.8 points compared to previous figure -1.1 points in October Source: ZEW
🇪🇺 Euro Area GDP (seasonally adjusted) (3-mth) in Q3 preliminary estimate unchanged at -0.1% compared to previous report in Q2. The actual figure is also in line with the forecast Source: Eurostat
🇩🇪 Germany ZEW Survey – Economic Situation (Germany) in November exceed forecast and improved to -79.8 points compared to previous figure -79.9 points in October Source: ZEW
🇺🇸 U.S. Monthly Budget Statement in October exceed forecast and improved to -67$ compared to previous figure -171$ in September Source: Bureau of the Fiscal Service


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

EURUSD on Friday rose 0.57% to 1.09131. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2023-11-17, the pair rose 2.14% or 228.3 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 1.09964 (WR1) with break above could target 1.10796 (WR2). On the downside, we are looking at week low of 1.06647 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09138 would suggest bullish bias after recent positive movement.

For the month of November, EURUSD is up by 3.2% or 338.7 pips higher.

Weekly key levels to watch out:

R3 1.12455
R2 1.10796
R1 1.09964
Weekly Pivot 1.08305
S1 1.07473
S2 1.05814
S3 1.04982
On Key

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