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EURUSD moved sideways in a trading range between 1.0569 and 1.0689. As long as 1.0689 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0905, and further decline to 1.0400 area is still possible after the consolidation. On the upside, a break of 1.0689 resistance will indicate that lengthier correction for the downtrend is underway, then next target would be at 1.0750 area.
http://www.forexcycle.com/wp-content...7_EURUSD_1.png
EURUSD broke above 1.0689 resistance, indicating that the downward movement from 1.0905 had completed at 1.0569 already. The pair is now in uptrend, further rise could be expected over the next several days, and next target would be at 1.0800 area. Near term support is at 1.0675, as long as this level holds, the uptrend will continue. Key support is located at the ascending trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.
http://www.forexcycle.com/wp-content...9_EURUSD_1.png
Eurozone private sector grew at the fastest pace in six years in April as firms boosted operating capacity to meet buoyant demand amid widespread optimism about future prospects despite political uncertainties. For the first time since 2012, growth in France surpassed Germany's expansion as output and new order growth softened in the latter.
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Germany's business confidence improved to a near six-year high in April as companies were more upbeat about their current situation. The business confidence index rose to 112.9 from a revised 112.4 in March, survey data from the Munich-based Ifo institute revealed Monday.
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Although it is a relief that Emmanuel Macron is looking like France's next leader, his likely election win still carries a stale aftertaste, Jorg Kramer, chief economist at Commerzbank, said Monday.
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Uncertainty about the future measures of the Trump administration is particularly worrying and the problems from Brexit may be underestimated as of now, both posing political risks for the European economy, European Central Bank policymaker Ewald Nowotny said.
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Belgium's business confidence recovered slightly in April after two consecutive months of modest declines, as sentiment improved in manufacturing, trade and construction, survey data from the National Bank of Belgium showed Tuesday.
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While the brightening prospects of the Eurozone economy and the win of a pro-EU candidate in the first round of the French presidential election add strength to the call for tapering of the European Central Bank's massive stimulus, policymakers are likely to assess this Thursday that it is too early to trigger such speculation as uncertainties linger around both the economic and political outlook.
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Germany's economy is likely to expand more than previously projected in 2017, the Economy Ministry said Wednesday.
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European Central Bank policymakers are confident that the euro area economic recovery is improving, while they assessed that inflationary pressures remain subdued, ECB President Mario Draghi said Thursday, damping speculation that the bank may start to wind down its massive stimulus later this year.
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