EURUSD on Friday dropped -0.01% to 1.08207. Week ending 2024-02-23 rose 0.43%. What’s going on.

EURUSD Analysis

Performance
PeriodPctChgMomentum
Friday-0.01%-1.5 Pips
Week 2024-02-230.43%45.8 Pips
February0.02%2.7 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 07:00 AM Retail Trade Turnover (12-mth)
Thu 01:00 PM CPI Inflation Rate (12-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)

What happened over the week

🇩🇪 Germany ifo Business Climate in February rose to 85.5 points compared to previous figure 85.2 points in January Source: ifo Institute
🇩🇪 Germany GDP (3-mth) in Q4 unchanged at -0.3% compared to previous report in Q3. Source: Federal Statistical Office (Destatis)
🇩🇪 Germany Gross Domestic Product WDA (12-mth) in Q4 unchanged at -0.4% compared to previous report in Q3. Source: Federal Statistical Office (Destatis)
🇪🇺 Euro Area Consumer Confidence in February flash estimate improved to -15.5 points compared to previous figure -16.1 points in January Source: DG ECFIN

From X (Twitter)


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

EURUSD on Friday dropped -0.01% to 1.08207. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-02-23, the pair rose 0.43% or 45.8 pips higher.

Looking ahead on Monday, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.07614.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.08855 (WR1) with break above could target 1.09502 (WR2). On the downside, we are looking at week low of 1.07614 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08882 would suggest bullish bias after recent positive movement.

For the month of February, EURUSD is up by 0.02% or 2.7 pips higher.

Weekly key levels to watch out:

R31.10123
R21.09502
R11.08855
Weekly Pivot1.08234
S11.07587
S21.06966
S31.06319

Leave a comment

Your email address will not be published. Required fields are marked *