EURUSD on Friday dropped -0.01% to 1.08550. Week ending 2024-07-26 moved lower by -0.41%. What you need to know.

EURUSD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.01%	-1.6 Pips
Week 2024-07-26	-0.41%	-44.2 Pips
July	1.12%	119.7 Pips

Upcoming key events for the new week (London Time)

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

What happened over the week

🇺🇸 The U.S. Michigan Index of Consumer Sentiment rose to 66.4 points in July, up from 66 points in June. Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in June dropped to 2.5% compared to the previous figure of 2.6% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June rose to 0.1% from 0% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
Germany’s Gfk Consumer Confidence Survey in August improved to -18.4 points from a revised -21.6 points in July. Source: GfK
🇪🇺 Euro Area Consumer Confidence in July’s flash estimate improved to -13 points, up from -14 points in June. Source: DG ECFIN

From X (Twitter)

What do consumers in the euro area expect will happen to inflation, their incomes, their spending and the value of their homes 12 months from now?

We’ve published the latest results of our Consumer Expectations Survey.

Press release https://t.co/RVg3ESOIwt pic.twitter.com/I8eWz7W1eO

— European Central Bank (@ecb) July 26, 2024

The U.S. economy grew at a 2.8% annualized rate in Q2.https://t.co/qHGf5n4FeX#GDP

— BEA News (@BEA_News) July 25, 2024

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

EURUSD on Friday dropped -0.01% to 1.09. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-07-26, the pair dropped -0.41% or -44.2 pips lower.

Looking ahead, EURUSD looks mixed as the pair is likely to consolidate above week low of 1.08.

For the new week, our technical outlook looks bearish, immediate support level is at 1.08 (WS1) with break below could see further selling pressure towards 1.08 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.09 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 1.08 would indicate selling pressure.

For the month of July, EURUSD is up by 1.12% or 119.7 pips higher.

Weekly key levels to watch out:

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