Last week, we notice that EURUSD had touched its highest point at 1.22450 which is the highest point since January. For this week there are 4 releases key economic data.

German Final GDP: Tuesday. The German economy contracted by 3.3% in Q4. We now await the data for the first quarter.

German Ifo Business Climate: Tuesday. Business confidence in April accelerated for a third straight month, rising to 96.8. The upswing is expected to continue in May, with a forecast of 98.1.

German GfK Consumer Climate: Thursday. Consumers remain pessimistic about economic conditions. The estimate for the May release stands at -5.3 points.

French Inflation Report: Friday. Inflation has been generally weak in the eurozone’s number two economy. The estimate for CPI for May is 0.3%.

Below is an outlook and an updated technical analysis for EURUSD.

Eurozone Final CPI came in at 1.6% in April. Manufacturing continues to show strong growth, with PMI of 64.0 in Germany and 62.8 in the eurozone. Business activity is showing more moderate growth, as Services PMIs for Germany came in at 52.8 and the eurozone at 55.1 points.

In the US, the Philly Fed Manufacturing Index slowed to 31.5, down sharply from 50.2. Unemployment claims fell for a third straight week, at 444 thousand versus 478 thousand last week. The Manufacturing PMI was up slightly to 61.5, above the forecast of 60.0. The Services PMI sparkled of 70.1.

Technical part, there is a strong major uptrend in daily chart and shows the range between 1.20000 to 1.23500. Therefore, intraday trader should follow the trend and waiting for the opportunity to buy EURUSD at 1.21000 and put a take profit function at 1.21800 and don’t forget to put a stop loss function at 1.20350 to minimize the risk.

Analyzed by：Mr. Chhea ChhayHeng，Independent Analyst