EUR/USD posted strong gains early in the week, but was unable to consolidate and closed the week unchanged, at 1.0982. This week’s highlights are the Manufacturing and Services PMIs. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD. [do action=”autoupdate” tag=”EURUSDUpdate”/]EUR/USD daily graph with support and resistance lines on it. Click to enlarge: Flash PMIs: Manufacturing PMIs will be published on Monday, while Service PMIs will follow on Wednesday. Spanish Manufacturing PMI is expected to remains around 54 points, with the French and German indicators expected slightly above the 50 line, which separates contraction from separation. The forecasts for the Services PMIs are higher, with the Spanish indicator expected to dip to 55.6 and the French indicator is expected to drop to 54.1 points. The forecast is for German Services PMI is expected to remain steady at 53.7 points. Spanish Unemployment Change: Tuesday, 7:00. Spanish job numbers traditionally improve in the summer tourist season, and the June reading was strong, with a decline of 94.7 thousand. The estimate for the July reading stands at -45.6 thousand. PPI: Tuesday, 9:00. Eurozone inflation levels remain very low, and PPI posted a flat rate of 0.0% in the May release. Little change is expected in the June report. Retail Sales: Wednesday, 9:00. Retail Sales is the primary gauge of consumer spending, a key driver of economic growth. The indicator slipped to 0.1% in May, compared to 0.7% a month earlier. The markets are braced for a decline of 0.1% in the June release. German Factory Orders: Thursday, 6:00. The indicator had a dismal May, coming in at -0.2%. This marked the first decline in three months. The markets are expecting much better news in June, with an estimate of +0.4%. Retail PMI: Thursday, 8:10. Retail PMI is showing some signs of expansion, posting two consecutive readings above the 50-point line. The June reading came in at 50.4 points. German Industrial Production: Friday, 6:00. The largest economy in the Eurozone did not post strong manufacturing data in May, with a reading of 0.0%, compared to +0.9% in April. The forecast for the June report stands at +0.3%. French Industrial Production: Friday, 6:45. French Industrial Production improved to 0.4% in May, after two straight declines. Little change is expected in the June release, with an estimate of 0.3%. * All times are GMT EUR/USD Technical Analysis EUR/USD opened at 1.0971 and quickly climbed to a high of 1.1129. The pair then reversed directions and dropped to a low of 1.0893, as support held firm at 1.0865 (mentioned last week). The pair recovered late in the week and closed at 1.0983. Live chart of EUR/USD: [do action=”tradingviews” pair=”EURUSD” interval=”60″/]Technical lines from top to bottom: The round level of 1.15 is an important symbolic line and has also worked as support in the past. 1.1450 capped the pair during February’s recovery attempts and also during May. Next, the historic line of 1.1373 (from November 2003), which still has a role as resistance. 1.1290, which was a peak in April and support in February is significant resistance. 1.1190, just below the round number of 1.12, proved its strength as a double top in June 2015. It is followed by a low seen in January of 1.1113, which is nearly 0.90 on USD/EUR. 1.1050 returns to the chart after serving as a stepping stone for the pair to rise to higher ground. Also 1.0910 makes a comeback after being the low point in July so far. 1.0865 provided some support in late May and again last week. 1.0815 which worked in both directions is the low of May and important support. The next line is 1.0760, which was the low point in both July and August 2003. 1.0715 joins the chart after temporarily capping the pair in April 2015. 1.0660 worked nicely as support in April 2015. 1.0615, which worked in both directions during March 2015 and is better at support. Another minor line is 1.0550, for a role as support in the same period of time. The very round level of 1.05 served as support during 2003. The lowest level in over 12 years is 1.0462 and this makes it critical support. I remain neutral on EUR/USD The Greek crisis has receded, after plenty of drama and high-stake poker playing. This is good news for the euro, but Greece’s debt isn’t going anywhere so tough decisions will have to be made at a later date. Over in the US, better numbers in Q2 are feeding rising speculation that US rates will rise, perhaps as early as September. In our latest podcast, we drill down the deals, the aGreekment and Iran and the market impact. Follow us on Stitcher. If you are interested in a different way of trading currencies, check out the weekly binary options setups, including EUR/USD and more. Further reading: For a broad view of all the week’s major events worldwide, read the USD outlook. For the Japanese yen, read the USD/JPY forecast. For GBP/USD (cable), look into the British Pound forecast. For the Australian dollar (Aussie), check out the AUD to USD forecast. USD/CAD (loonie), check out the Canadian dollar forecast For the kiwi, see the NZDUSD forecast. Kenny Fisher Kenny Fisher Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer. Kenny's Google Profile View All Post By Kenny Fisher EUR/USD ForecastMajorsWeekly Forex Forecasts share Read Next Important levels and technicals of GBPUSD Guest 7 years EUR/USD posted strong gains early in the week, but was unable to consolidate and closed the week unchanged, at 1.0982. This week's highlights are the Manufacturing and Services PMIs. Here is an outlook for the highlights of this week and an updated technical analysis for EUR/USD. [do action="autoupdate" tag="EURUSDUpdate"/] EUR/USD daily graph with support and resistance lines on it. Click to enlarge: Flash PMIs: Manufacturing PMIs will be published on Monday, while Service PMIs will follow on Wednesday. Spanish Manufacturing PMI is expected to remains around 54 points, with the French and German indicators expected slightly above the 50 line,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.