EUR/USD had a roller coaster week, trading in a range of over 300 pips and eventually ending the week higher. What’s next? The upcoming week features the ECB minutes, PMI data, and final inflation figures.Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
German and euro-zone GDP releases came out at 0.6%, as widely expected, confirming strong growth. The drama came from the US inflation report. At first, the dollar gained as inflation was seen as rising, but it quickly turned around and plunged. Wednesday’s drama was followed by another one on Friday. The pair reached a 3-year high at 1.2555 before dropping nearly 150 pips. The high volatility may extend to another week.
Updates:
EUR/USD daily chart with support and resistance lines on it. Click to enlarge:
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