EURUSD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.3% | 32 Pips |  |
||
| Week 2023-05-19 | -0.42% | -45.1 Pips |  |
||
| May | -1.93% | -212.1 Pips | |
||
Upcoming key events for the new week (London Time)
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau
🇪🇺 Harmonized Index of Consumer Prices (HICP) (1-mth) in April below forecast and dropped to 0.6% compared to previous figure 0.7% in March Source: Eurostat 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau
🇩🇪 ZEW Indicator of Economic Sentiment in May below forecast and dropped to -10.7 points compared to previous figure 4.1 points in April Source: ZEW 🇪🇺 GDP (seasonally adjusted) (3-mth) in Q1 preliminary estimate unchanged at 0.1% compared to previous report in Q4. The actual figure is also in line with the forecast Source: Eurostat
What can we expect from EURUSD for the new week and what happened on Friday?
EURUSD on Friday rose 0.3% to 1.08019. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-05-19, the pair dropped -0.42% or -45.1 pips lower.
Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07590.
For the new week, our technical outlook looks bearish, immediate support level is at 1.07391 (WS1) with break below could see further selling pressure towards 1.06762 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.09046 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.07590 would indicate selling pressure.
For the month of May, EURUSD is down by -1.93% or -212.1 pips lower.
Weekly key levels to watch out:
| R3 | 1.10303 |
| R2 | 1.09674 |
| R1 | 1.08847 |
| Weekly Pivot | 1.08218 |
| S1 | 1.07391 |
| S2 | 1.06762 |
| S3 | 1.05935 |
You might also be interested in:
Annual inflation up to 7.0% in the euro area Source: Eurostat
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau
In April 2023, oil prices bounced back, those of industrial raw materials fell sharply Source: INSEE In Q1 2023, the unemployment rate was stable at 7.1% Source: INSEE GDP up by 0.1% and employment up by 0.6% in the euro area Source: Eurostat Euro area international trade in goods surplus €25.6 bn Source: Eurostat Advanced Monthly Sales for Retail and Food Services Source: Census Bureau In Q1 2023, collective tourist attendance rose by 12.6% year on year Source: INSEE Industrial production down by 4.1% in the euro area and by 3.6% in the EU Source: Eurostat
#EURUSD trending on Twitter
[custom-twitter-feeds hashtag=”#EURUSD” num=3 showheader=false]
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.
