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EURUSD on Friday dropped -0.33% to 1.07460. Week ending 2023-06-09 rose 0.37%. What happened.

EURUSD on Friday dropped -0.33% to 1.07460. Week ending 2023-06-09 rose 0.37%. What happened.

EURUSD Analysis

Performance
Period Pct Chg Momentum
Friday -0.33% -35.7 Pips
Week 2023-06-09 0.37% 40 Pips
June 0.57% 60.4 Pips

Upcoming key events for the new week (London Time)

Tue 07:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD FOMC Monetary Policy Statement
Wed 07:00 PM USD FOMC Economic Projections
Thu 01:15 PM EUR European Central Bank Monetary Policy Decision Statement
Thu 01:15 PM EUR ECB Interest Rate on deposit facility
Thu 01:15 PM EUR ECB Interest Rate on main refinancing operations (MRO)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Thu 01:30 PM USD Retail Trade Control Group
Thu 01:45 PM EUR European Central Bank Press Conference
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened over the week

๐Ÿ‡บ๐Ÿ‡ธ In the week ending 03 June, U.S. Initial Unemployment Insurance Claims rose to 261K compared to previous figure 233K (revised from 232K) Source: Department of Labor
๐Ÿ‡ช๐Ÿ‡บ Euro Area GDP (seasonally adjusted) (3-mth) in Q1 below forecast and dropped to -0.1% compared to previous figure 0.1% in Q4 Source: Eurostat
๐Ÿ‡บ๐Ÿ‡ธ U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
๐Ÿ‡ช๐Ÿ‡บ Retail Trade Turnover (12-mth) in April dropped to -2.6% compared to previous figure -3.3% in March (revised from -3.8%) Source: Eurostat
๐Ÿ‡บ๐Ÿ‡ธ Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March Source: Census Bureau




EURUSD Daily Chart by TradingView

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

EURUSD on Friday dropped -0.33% to 1.07460. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-06-09, the pair rose 0.37% or 40 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.06660.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.07871 or at least consolidates above Weekly Pivot level of 1.07330. On the downside, we are looking at week low 1.06660 or 1.06790 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A break above 1.07871 would suggest bullish bias after recent positive movement.

For the month of June, EURUSD is up by 0.57% or 60.4 pips higher.

Weekly key levels to watch out:

R3 1.09212
R2 1.08541
R1 1.08001
Weekly Pivot 1.07330
S1 1.06790
S2 1.06119
S3 1.05579

You might also be interested in:

Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
GDP down by 0.1% and employment up by 0.6% in the euro area Source: Eurostat
Marine Economy Satellite Account, 2021 Source: Bureau of Economic Analysis
In Q1 2023, payroll employment increased by 0.3% Source: INSEE
U.S. International Trade in Goods and Services, April 2023 Source: Bureau of Economic Analysis
U.S. International Trade in Goods and Services Source: Census Bureau
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Volume of retail trade unchanged in the euro area and up by 0.1% in the EU Source: Eurostat
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Industrial producer prices down by 3.2% in the euro area and by 2.9% in the EU Source: Eurostat

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