Yesterday the data on German Industrial production in February was released. It was up 0.5% vs. forecast for 0.4% (however, the January’s figure was revised downwardly to -0.6%, it prevented the continuation of the euro’s growth).
Yesterday the reports on corporate activity for the first quarter began to be published. The forecasts are hardly optimistic, it can be said that the expectations are neutral, which amid the lack of other positive data will influence the market. Yesterday AlcoŠ°’s report surpassed the expectations; the profit was 13 cents per share vs. 9 cents in the first quarter last year, and 11 cents in the fourth quarter. During the week there are possibilities for the euro to grow amid macroeconomic events. However, the further growth looks problematic.
Today at 10:00 GMT+4 Trade Balance in Germany in February is published. It is estimated to be 16.2 billion euros vs. 15.7 billion euros in the previous month. At 10:45 GMT+4 figures of French Trade Balance are revealed, forecast for -5.3 billion euros vs. -5.9 billion euros in January. The political situation both in Italy and North Korea is unchanged, at least there is no negative news; the euro’s rise is expected.
In order to continue growing the price has to test the resistance of trendline on the daily chart 1.3067, the first target is 1.3100/15, the range of resistance on the daily chart and the level on the H4, then 1.3160, the high of February 28.