EUR/USD traded in a narrow range and suffered further losses. Will it continue falling or just move back up in the same known range? The week features a speech by Draghi, the ECB meeting minutes and more. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
There is further evidence that growth in the euro-zone has peaked. German retail sales, factory orders, and industrial output all fell short of expectations. Euro-zone inflation is not going fast either, with core inflation sticking to 1%. In the US, job growth disappointed with only 103K in March, but wages accelerated to 2.7% y/y and other indicators still point to robust growth. Worries about trade have had a minor effect on the pair.
EUR/USD daily chart with support and resistance lines on it. Click to enlarge: