EURUSD on Friday dropped -0.59% to 1.08910. Week ending 2023-06-23 moved lower by -0.45%. What happened.

EURUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.59%	-64.4 Pips
Week 2023-06-23	-0.45%	-49.1 Pips
June	1.92%	205.4 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM USD Durable Goods Orders
Tue 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Wed 09:30 PM USD Bank Stress Test Info
Thu 01:00 PM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized (12-mth)
Fri 07:00 AM EUR Retail Trade Turnover (12-mth)
Fri 10:00 AM EUR Core Harmonised Index of Consumer Prices (HICP) (12-mth)
Fri 10:00 AM EUR Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened over the week

🇪🇺 Euro Area Consumer Confidence in June preliminary estimate below forecast and improved to -16.1 points compared to previous figure -17.4 points in May Source: DG ECFIN
🇺🇸 U.S. Chicago Fed National Activity Index in May below forecast and dropped to -0.15 points compared to previous figure 0.07 points in April
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Source: Census Bureau
🇩🇪 Germany Producer Price Index (1-mth) in May exceed forecast and dropped to -1.4% compared to previous figure 0.3% in April Source: Federal Statistical Office (Destatis)

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

EURUSD on Friday dropped -0.59% to 1.08910. Price is below 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-06-23, the pair dropped -0.45% or -49.1 pips lower.

Looking ahead on Monday, 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 1.10122 or at least consolidates above Weekly Pivot level of 1.09158. On the downside, we are looking at week low 1.08443 or 1.08195 (WS1) as immediate support level. EURUSD need to break on either side to indicate a short-term bias. A close below week low of 1.08443 would indicate selling pressure.

For the month of June, EURUSD is up by 1.92% or 205.4 pips higher.

Weekly key levels to watch out:

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In June 2023, the business climate in the building construction has darkened again Source: INSEE
In June 2023, the business climate in manufacturing industry has rebounded Source: INSEE
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Business Formation Statistics Source: Census Bureau
New Residential Construction Source: Census Bureau
Between January and April 2023, rents increased by 0.3% Source: INSEE
Production in construction down by 0.4% both in the euro area and in the EU Source: Eurostat

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