In general, the current week will not be eventful for the Eurozone. Therefore, we can expect that the euro either remains within the current values or leaves it for a correction. We believe that the correction has more chances. The Eurozone problems are still far from being resolved. The fundamental driver has exhausted its resources. Therefore, we can expect its fall versus the U.S. dollar. The course will depend much on the United States statistics.
The industrial production index in France is expected on Monday. The same Monday the Eurogroup representatives shall meet. We expect Germany trade balance and Eurozone finance ministers meeting on Tuesday.
Wednesday will bring us the Eurozone industrial production data.
On Thursday, euro zone monthly bulletin will be published.
Finally, Germany consumer prices will be published on Friday.
We expect numerous presentations of the Federal Reserve this week, despite the fact that currently only one is stated. In particular, there is a possibility that Fed Fisher will report, especially if the economic data is not positive.
We expect the pair to continue the growth to 1.4240-4400.
News flow on the pound/dollar will be enough eventful next week. In particular, we await the Bank of England Monetary Policy Committee report on Monday.
Tuesday will give us an industrial production release. We recommend paying attention to the trade balance on Wednesday.
This week we expect a massive accumulation within 1.6700-6750. The pair might grow to 1.6880-7045.
Yen left the accumulation zone. We believe that traders will open positions on the 102.30 retest with a stop-order at 100.74 and 105.50 as the next target.