EUR/USD managed to tick up amid OK data from Europe and weakness in the US dollar. GDP data stands out in a busier week. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD.

German factory orders beat expectations while industrial output dropped by more than had been anticipated. The European Commission’s forecasts were upgraded and optimism remains strong. Yet perhaps the drift upwards can be best explained by the most basic fundamental: the euro-zone has a significant trade balance surplus, driven by German exports. This means that when nothing happens, the single currency is bid and rises. During this week, the pair also enjoyed the greenback’s weakness amid reports about a delay in the tax reform.

Updates:

EUR/USD daily chart with support and resistance lines on it.