EURUSD on Friday dropped -0.33% to 1.06922. Week ending 2024-04-26 rose 0.37%. What’s going on.

EURUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.33%	-35.9 Pips
Week 2024-04-26	0.37%	39.6 Pips	April	-0.91%	-97.8 Pips

Upcoming key events for the new week (London Time)

Mon 01:00 PM CPI Inflation Rate (1-mth)
Mon 01:00 PM CPI Inflation Rate (12-mth)
Tue 10:00 AM GDP (seasonally adjusted) (3-mth)
Tue 10:00 AM Harmonized Index of Consumer Prices (HICP) (1-mth)
Tue 10:00 AM Harmonised Index of Consumer Prices (HICP) (12-mth)
Tue 11:00 PM Labour Day
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Average Hourly Earnings (1-mth)
Fri 01:30 PM Average Hourly Earnings (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in April dropped to 77.2 points compared to previous figure 77.9 points in March Source: University of Michigan
🇺🇸 U.S. Personal Spending in March unchanged at 0.8% compared to previous report in February. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in March rose to 2.7% compared to previous figure 2.5% in February
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders in March rose to 1.4% compared to previous figure 0.7% (revised from 1.4%) Source: Census Bureau
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau
🇩🇪 Germany ifo Current Assessment in April rose to 88.9 points compared to previous figure 88.1 points in March Source: ifo Institute
🇪🇺 Euro Area Consumer Confidence in April flash estimate improved to -14.7 points compared to previous figure -14.9 points in March Source: DG ECFIN

From X (Twitter)

🇩🇪 ifo Business Climate Index Rises – The ifo Business Climate Index rose to 89.4 points in April, up from 87.9 points in March. The economy is stabilizing, especially thanks to service providers. #ifosurvey@KlausWohlrabe@FuestClemens pic.twitter.com/vQf8aEUDIr

— ifo Institut (@ifo_Institut) April 24, 2024

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

EURUSD on Friday dropped -0.33% to 1.07. Price is below 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-04-26, the pair rose 0.37% or 39.6 pips higher.

Looking ahead, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.06.

For the new week, our technical outlook looks bullish, immediate upside resistance level at 1.08 (WR1) with break above could target 1.08 (WR2). On the downside, we are looking at week low of 1.06 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.08 would suggest bullish bias after recent positive movement.

For the month of April, EURUSD is down by -0.91% or -97.8 pips lower.

Weekly key levels to watch out:

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