EUR/USD stormed higher, breaking resistance and hardly stopping to breath. Can this impressive rally continue? PMIs are among the important releases in a busy week that will also have one eye on Greece. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
Greek jitters continued rattling markets. Reports about despair and compromise in Greece helped the common currency, as did hopes for a solution even before the deadline. The rise in German bunds and a squeeze of EUR/USD shorts also helped on the European side, where the euro ignored weak euro-zone data.. In the US, poor GDP sent the pair shooting above the critical 1.1050 level. When the Fed sounded more optimistic and consequent US data also improved, the greenback recovered, but hardly so against the euro. Can the pair sustain these high levels?
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