At 13:00 (+3 GMT) we are waiting for the Eurozone PPI for July. Analysts forecasted 0.3% growth against 0.5% fall in June.
At 18:00 The US ISM manufacturing index will be released. The economists are anticipating the indicator to hit 50.1 against 49.8 in July. Thus, positive mood will be supported until Thursday when the ECB will announce its decision on monetary policy. The Bank is working on it so hard that regulator’s representatives failed to visit the conference in Jackson Hole. Also Germany’s finance minister Wolfgan Schauble has expressed confidence that Germany’s highest court will not rule against Germany participation in the ESM.
Price fixation above the downward trend line (which was built by highs of October 27, 2012 and May 1, 2012 0 1.2630, red thick line) will be of much significance. Such outcome will indicate the end og bearish trend which started a year ago. The nearest target after the breakout is 1.2630 – 1.2670 which is also has a great importance and marked on the chart. The further target will be placed at 1.2718.