EUR/USD had another busy week, with Greece playing an increasing role in shaping the direction. An important German survey and inflation numbers stand out. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
German industrial output beat expectations and was one of the reasons for the positive start for the pair, together with rising German yields. However, then Greece took over. Optimism about a German compromise on a deal helped only temporarily, and things worsened quite quickly, with yet another deadlock. Greece seems to have leverage. The euro was also hit by German Chancellor Merkel, that indirectly complained about the currency’s strength. The pair was indeed capped at a double top. In the US, data was generally upbeat, but traders were hesitant to buy the greenback ahead of the Fed.
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