EURUSD: calm week
Due to the Holiday season on the Western markets, there has not been too much important macro data posted during the previous week, while trading eurusd currency pair was relatively calm. Such low trading and low volatility is usual on the market till the first week of the New year.
Durable Goods Orders in the US dropped by -1,1% in November on a monthly basis. This drop was higher from market forecast of -0,4%. The CB Consumer Confidence was also down to the level of 104,7, while the market was expecting to see the figure of 112,4. At the same time, there has not been important macro data posted for the Euro Zone.
Markets used the last trading week in a year to continue to test the 1,04, the long term support line for eurusd. Considering the Holiday season, the volatility was relatively low. Trading range was within the spread of 1,0385 up to 1,044. The relatively low trading volumes did not manage to push the currency pair clearly below the 1,04 level, however, the pressure was holding from the previous weeks. The RSI was calm around the 40 level, without a strength to pass the 50 line and head toward the overbought market side. The MA50 continued to diverge from its MA200 counterpart, without any indication of a potential slowdown.
The week ahead is also going to be a calm one. It could be expected that the eurusd will finish the year somewhere around the 1,04 level. Looking at the longer term scale, a potential break of the 1,04 level in 2025 would mean a clear road toward the parity. However, what will be the actual course of the currency pair would depend on a series of factors, including interest rate decision by both Fed and ECB, potential for economic growth, inflator pressures and unfortunately, geopolitical risks which are highly impacting markets for the last two years. Global trade and energy prices are also one significant factor which should be closely watched in 2025, hence its potential impact on both inflation and economic growth.
Important news to watch during the week ahead are:
EUR: HCOB Manufacturing PMI final for December for Germany and the Euro Zone, Unemployment Rate in Germany in December, HCOB Composite PMI final for December for both Germany and the Euro Zone, Inflation rate preliminary for December in Germany,
USD: S&P Global Manufacturing PMI final for December, ISM manufacturing PMI for December, S&P Global Composite PMI final for December.
Durable Goods Orders in the US dropped by -1,1% in November on a monthly basis. This drop was higher from market forecast of -0,4%. The CB Consumer Confidence was also down to the level of 104,7, while the market was expecting to see the figure of 112,4. At the same time, there has not been important macro data posted for the Euro Zone.
Markets used the last trading week in a year to continue to test the 1,04, the long term support line for eurusd. Considering the Holiday season, the volatility was relatively low. Trading range was within the spread of 1,0385 up to 1,044. The relatively low trading volumes did not manage to push the currency pair clearly below the 1,04 level, however, the pressure was holding from the previous weeks. The RSI was calm around the 40 level, without a strength to pass the 50 line and head toward the overbought market side. The MA50 continued to diverge from its MA200 counterpart, without any indication of a potential slowdown.
The week ahead is also going to be a calm one. It could be expected that the eurusd will finish the year somewhere around the 1,04 level. Looking at the longer term scale, a potential break of the 1,04 level in 2025 would mean a clear road toward the parity. However, what will be the actual course of the currency pair would depend on a series of factors, including interest rate decision by both Fed and ECB, potential for economic growth, inflator pressures and unfortunately, geopolitical risks which are highly impacting markets for the last two years. Global trade and energy prices are also one significant factor which should be closely watched in 2025, hence its potential impact on both inflation and economic growth.
Important news to watch during the week ahead are:
EUR: HCOB Manufacturing PMI final for December for Germany and the Euro Zone, Unemployment Rate in Germany in December, HCOB Composite PMI final for December for both Germany and the Euro Zone, Inflation rate preliminary for December in Germany,
USD: S&P Global Manufacturing PMI final for December, ISM manufacturing PMI for December, S&P Global Composite PMI final for December.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.