EUR/USD made a move to the upside in thin end-of-year trading, closing 2016 above 1.05. The first week of 2017 is already packed with events, with inflation and PMIs standing out. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
The euro enjoyed a “flash surge†during the holiday week. Thin trading conditions and perhaps some algo activity sent it soaring before it came back down to earth. Spanish CPI for December jumped more than expected, giving us an early indication of rising inflation in 2017. In the US, consumer confidence jumped while other measures weren’t that impressive.
Updates:
EUR/USD daily graph with support and resistance lines on it. Click to enlarge:
