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Big week for EUR/USD
Euro traders will have come into the office today fearful of what remains of the week; the latest German ZEW economic sentiment figures will be announced at 10am, and it would be a brave call for anyone to expect anything other than weak figures. Technically we are still expecting to see a reading of 0.2 optimism, but considering this was at 61.7 in January we are knocking on the door of German sentiment turning bearish.
Today will also see the monthly eurozone industrial production figures announced, which are expected to shrink by 1.5%, but these are a little more prone to oscillate between contraction and growth. Today is also the European council finance meeting in Brussels where France’s latest budget plans are expected to be rejected due to the lack of austerity measures.
This therefore looks like it’s going to be a long week for EUR/USD, and there are plenty of opportunities for the short rally to come to an end. A retest of the month lows of $1.25 could well be the end result.