EUR/USD traded in a narrow range and eventually ended the week lower once again. Will it extend its falls or bounce now? PMI data and business surveys stand out in a busy week. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
ECB President Mario Draghi called for patience and said that a strong euro weighs on reaching the inflation goal. Indeed, the final inflation report for February saw a downgrade from 1.2% to 1.1%. Data in the US was mixed as well, with inflation not going anywhere fast, retail sales falling again but consumer confidence on the rise. Speculation about the Fed’s decision and worries about trade dominated the headlines.
EUR/USD daily graph with support and resistance lines on it. Click to enlarge: