EUR/USD staged a late recovery on the EU Summit and managed to close the last week of Q2 on higher ground. What’s next? PMI data stands out in the first week of Q3. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.
The EU Summit ended with an agreement on migration, something that provided relief for German Chancellor Angela Merkel, who faced a political crisis over the topic. Euro-zone inflation data diverged: the headline accelerated to 2% while the core figure dropped to 1%. In the US, there was relief on the trade front as the Trump Administration decided to go for a slightly softer approach to curbing Chinese investments. American data was mixed.
Updates:
EUR/USD daily chart with support and resistance lines on it. Click to enlarge:
