EUR/USD moved up to new highs, but shed the gains in a volatile week. The upcoming week features yet another chapter in the Greek drama as well as important GDP data . Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Data in the euro-zone was mixed, with OK PMIs but weak German industrial data. The boost for the euro came from a sell-off in German bunds, that triggered a squeeze on euro shorts. In the US, the big trade deficit raised speculation for a contraction in Q1. Also the weak ADP report weighed heavily on the greenback. This sent EUR/USD to highs last seen in February, but the move did not last too long. The mixed NFP report in the US eventually pushed the pair lower, to close with only a small weekly gain.
Read the rest of the article EUR/USD Forecast May 11-15