Looking for the latest outlook, for the current week? Check out the section: EUR/USD Forecast. EUR/USD made another step towards 1.50 this week, breaking a resistance line. This week, PMI numbers dominate its calendar. Here’s an outlook for this week’s events in the Euro-zone, and an updated technical analysis for EUR/USD. EUR/USD forex chart with support and resistance lines marked on it:. Click to enlarge: The rise of EUR/USD was hurt by a very disappointing ZEW Economic Sentiment report last week. CPI was inline, and didn’t show any inflationary pressures. Many of the upcoming week’s events are on Friday. Let’s review them: German PPI: Germany has show initial signs that it is getting out of deflation with a surprising rise of 0.5% in last month’s PPI. This time, it’s expected to get back to “normal” and remain unchanged. Published on Tuesday at 6:00 GMT. Current Account: The overall European balance surprisingly turned positive last month, and showed a surplus of 6.6 billion. IT was the first time in 18 months. This time, expectations are already positive at 4.3 billion. Published on Thursday at 8:00 GMT. Belgium NBB Business Climate: Although coming from one of the Euro-zone’s smaller countries, this composite index is highly regarded and is based on a broad survey of 6000 businesses. This indicator has been negative, meaning worsening conditions, since April 2008, though improving in recent months. After posting -17.8 points last time, it’s predicted to rise to -15.3. Published on Thursday at 13:00 GMT. French Consumer Spending: Europe’s second largest economy has disappointed with falling spending by its consumer in the past two months. After falling by 1% last month, economists expect a rise of 0.1%. Published on Friday at 6:45 GMT. French Flash PMI: The initial releases for the purchasing managers’ indices are first published in France, then in Germany, and then for all of Europe.French Flash Manufacturing PMI already passed the critical 50 mark and is expanding. Last month’s 53 points are expected to be followed by an even better score of 53.3 points this time. Also the French services sector is doing well, and reached 53.2 points. It’s now expected to rise to 54 points. Published on Friday at 7:00 GMT. German Flash PMI: In Germany, Europe’s largest economy, Flash Manufacturing PMI is sill behind, and still shows contraction, at 49.6 points. It’s expected to go over the top and rise to 50.2 points. The services sector is doing better, and already reached 52.1 points. It’s expected to rise modestly to 52.5 points. Published on Friday at 7:30 GMT. All-European Flash PMI: The figures for the whole of Europe are more similar to Germany’s numbers: Flash Manufacturing PMI is still under 50, at 49.3, and is expected to rise to 50.2. Flash Services PMI is already expanding at 50.9 points, and is predicted to rise up to 51.4 points. Note that all these PMI numbers have been going slowly and steadily up in recent months. Published on Friday at 8:00 GMT. German Ifo Business Climate: This survey of 7000 businesses is highly regarded. The “Information and Forschung” institute has show a steady rise in the business climate since February. It’s now expected to continue rising, from 91.3 to 92.1 points. Published on Friday at 8:00 GMT. Industrial New Orders: The value of Purchase Orders has risen very nicely in the past two months, with a 2.6% rise last month. This time it’s expected to rise by 1.2%, continuing to enjoy recovery. Published on Friday at 9:00 GMT. EUR/USD Technical Analysis EUR/USD had a good start, and on Tuesday it broke the 1.4844 level which capped it in recent weeks. It then struggled under 1.4908 but broke it shortly. The rest of the week was mixed. EUR/USD ranged between 1.4843 and 1.4967, reaching both points twice before closing at 1.4899. So, I’m deleting the 1.4908 line from last week’s EUR/USD Outlook. EUR/USD erased it during the second part of the week. 1.4844 turns from a resistance line to a support line now. Below that, the far 1.4444, which held EUR/USD low for many months is far down. Minor support lines appear before that. Looking up, I’m marking 1.4967, reached twice this week, as a resistance line. Further up, the first mention worthy resistance line is at 1.5144 which was a support line for a short time at the beginning of 2008. The next resistance line is at 1.5283, and this one is already major: it was the support line of EUR/USD for a long time in 2008, until the crisis began. My sentiment continues to be slightly bullish on the Euro. The steady recovery is seen in steady moves upwards. I bring a few excellent technical analyses for this popular pair: Casey Stubbs sees the next target: 1.50. Mohammed Isah sees EUR/USD turning lower before going for 1.50. I’ll link to additional posts later on, as they are published. Further reading in Forex Crunch: For a broad view of the major events this week, read the Forex Weekly Forecast. For the British Pound, check out the GBP/USD Outlook. For the Australian dollar, read the AUD/USD Outlook. For the Canadian dollar, check out the USD/CAD Outlook. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. EUR/USD Forecast share Read Next Forex Daily Outlook – October 19th 2009 Yohay Elam 12 years Looking for the latest outlook, for the current week? Check out the section: EUR/USD Forecast. EUR/USD made another step towards 1.50 this week, breaking a resistance line. This week, PMI numbers dominate its calendar. Here's an outlook for this week's events in the Euro-zone, and an updated technical analysis for EUR/USD. EUR/USD forex chart with support and resistance lines marked on it:. Click to enlarge: The rise of EUR/USD was hurt by a very disappointing ZEW Economic Sentiment report last week. CPI was inline, and didn't show any inflationary pressures. Many of the upcoming week's events are on Friday. 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