EUR/USD dropped to lower ground with the greenback doing most of the work. PMIs and two German surveys stand out. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
The Fed meeting minutes put a June rate hike firmly on the table and this was clearly felt in EUR/USD. Data was also OK, with inflation looking relatively solid, especially when compared to the euro-zone. As expected, core euro area inflation was downgraded to 0.7% for April. Is there more to this downtrend or just a mean reversion?
Updates:
EUR/USD daily graph with support and resistance lines on it. Click to enlarge:
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