EUR/USD was on the back foot once again, but never went too far. The ECB stands out in a very busy week. Will the pair accelerate its falls or recover? Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
The Eurogroup meetings ended with a providing Greece with the latest bailout tranche but also with a deferral of the debt debate – another can kicking exercise. German surveys showed contradicting data, with ZEW pointing down and IFO pointing up. Initial PMIs were mixed. In the US, things were also complicated with good housing data against mediocre durable goods orders and a minor upgrade to GDP. Fed Chair Yellen kept the door open to rate hikes and this kept the dollar bid. The beginning of a new month looks very promising.
Updates:
EUR/USD daily graph with support and resistance lines on it. Click to enlarge:
