EURUSD on Friday rose 0.3% to 1.09367. Week ending 2023-11-24 rose 0.21%. What’s going on.

EURUSD Analysis

Performance
PeriodPctChgMomentum
Friday0.3%33.2 Pips
Week 2023-11-240.21%22.9 Pips
November3.43%362.3 Pips

Upcoming key events for the new week (London Time)

Wed 01:00 PM CPI Inflation Rate (12-mth)
Wed 01:00 PM Harmonised Index of Consumer Prices (HICP) (12-mth)
Wed 01:30 PM GDP Annualized
Thu 07:00 AM Retail Trade Turnover (12-mth)
Thu 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇩🇪 Germany ifo Current Assessment in November below forecast and rose to 89.4 points compared to previous figure 89.2 points in October Source: ifo Institute
🇩🇪 Germany Gross Domestic Product WDA (12-mth) in Q3 unchanged at -0.8% compared to previous report in Q2. Source: Federal Statistical Office (Destatis)
🇪🇺 Euro Area Consumer Confidence in November preliminary estimate unchanged at -17.9 points compared to previous report in October. Source: DG ECFIN
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau
🇩🇪 Germany Producer Price Index (12-mth) in October improved to -11% compared to previous figure -14.7% in September
🇩🇪 Germany Producer Price Index (1-mth) in October improved to -0.1% compared to previous figure -0.2% in September Source: Federal Statistical Office (Destatis)

From X (Twitter)


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

EURUSD on Friday rose 0.3% to 1.09367. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-11-24, the pair rose 0.21% or 22.9 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 1.09838 (WR1) with break above could target 1.10309 (WR2). On the downside, we are looking at week low of 1.08522 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.09651 would suggest bullish bias after recent positive movement.

For the month of November, EURUSD is up by 3.43% or 362.3 pips higher.

Weekly key levels to watch out:

R31.10967
R21.10309
R11.09838
Weekly Pivot1.09180
S11.08709
S21.08051
S31.07580

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Isabel Schnabel: Monetary policy in times of stubborn inflation Source: European Central Bank
In October 2023, business births fell for the second consecutive month Source: INSEE
In November 2023, the business climate has deteriorated sharply in wholesale trade Source: INSEE
Frank Elderson: Monetary policy in the climate and nature crises: preserving a “Stabilitätskultur” Source: European Central Bank
In November 2023, the business climate in the building construction has darkened again Source: INSEE
In November 2023, the business climate in manufacturing industry remains stable, just below its long-term average Source: INSEE
In November 2023, the business climate in retail trade and in trade and repair of motor vehicles has deteriorated again Source: INSEE
In November 2023, the business climate in France and the employment climate have darkened again Source: INSEE
In November 2023, the business climate in services is stable, at its long-term average Source: INSEE
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Isabel Schnabel: Monetary policy in times of stubborn inflation Source: European Central Bank
Christine Lagarde: Monetary policy in the euro area: attentive and focused Source: European Central Bank
Minutes of the Federal Open Market Committee, October 31-November 1, 2023 Source: Federal Reserve
Production in construction up by 0.4% in the euro area and by 0.5% in the EU Source: Eurostat

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