EURUSD Analysis
| Week Ending 2024-07-19 | |||
| Open | High | Low | Close |
| 1.09 | 1.09 | 1.09 | 1.09 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.13% | -14.6 Pips |  |
||
| Week 2024-07-19 | -0.03% | -3.3 Pips |  |
||
| July | 1.37% | 146.9 Pips |  |
||
Upcoming key events for the new week (London Time)
Mon 07:00 AM Retail Trade Turnover (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims Thu 01:30 PM GDP annual rate 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
🇩🇪 Germany’s Producer Price Index (12-mth) in June improved to -1.6% from the previous figure of -2.2% in May.
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇪🇺 Euro Area ECB Interest Rate on main refinancing operations (MRO) unchanged at 4.25% compared to previous rate 4.25% Source: European Central Bank
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇪🇺 Euro Area Core Harmonized Index of Consumer Prices (HICP) in June rose to 0.4% compared to 0.3% in May. Source: Eurostat
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
From X (Twitter)
We kept our key interest rates unchanged.
Our rates are still high, helping push down inflation.
This is still needed because inflation is likely to stay above our 2% target well into next year.
Read today’s monetary policy decisions https://t.co/st6SRZKuYW pic.twitter.com/zZqpBbzo5v
— European Central Bank (@ecb) July 18, 2024
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday dropped -0.13% to 1.09. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-07-19, the pair dropped -0.03% or -3.3 pips lower.
Looking ahead, EURUSD looks bearish as the pair posted lower in 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 1.09 or at least consolidates above Weekly Pivot level of 1.09. On the downside, we are looking at week low 1.09 or 1.09 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.09 would indicate selling pressure.
For the month of July, EURUSD is up by 1.37% or 146.9 pips higher.
Weekly key levels to watch out:
| R3 | 1.10 |
| R2 | 1.10 |
| R1 | 1.09 |
| Weekly Pivot | 1.09 |
| S1 | 1.09 |
| S2 | 1.08 |
| S3 | 1.08 |
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