EUR/USD (a 4-hour chart)
The meeting of the European Central Bank will be hold this week. As it is expected the main topic will remain unchanged. According to the forecast, they shall decide whether to leave interest rates unchanged or not. The leaders of the ECB can be divided again in their desicion, as it happened at the March meeting.
If necessary ECB helps to support countries by buying their bonds.
But ill-conducted auction of medium and long-term debt last week highlighted the risk of renewed unrest that could destabilize the 2-trillion-euro debt of Italy, if the political deadlock continues.
The employment report will be published later this week. It is expected that the report will show a rising unemployment in the euro zone to a new record high. Meanwhile, orders in the manufacturing industry in Germany are projected to have recovered in February, after declining in January.
The final PMI will be published this week. According to the forecast it confirms a reduction of the composite purchasing managers' index for the euro area in a private sector, which was reported in the preliminary data.