An 8 year old child

EUR USD Chart January 24-28

The Euro made a steady yet decisive move across an important barrier, amid hopes. The upcoming week is quite busy. Here’s an outlook for the European events, and an updated technical analysis for EUR/USD, now in higher ground.

                                   Euro above important resistance and above channel 

On Friday, EUR/USD even approached the next resistance line, after clearing the all important 1.3440. Is this rise justified?

EUR/USD daily chart with support and resistance lines marked. Click to enlarge:
EUR USD Chart January 24-28

EUR USD Chart January 24-28 - Click to enlarge

   1. Flash PMI: Monday morning – begins at 8:00 in France, continues at 8:30 in Germany and ends with the all-European figures at 9:00. This busy schedule always provides high volatility. All the figures are above 50 points, meaning economic growth, and they are all expected to remain above this level, although there are a few differences to note – French manufacturing is expected to slow to 56.8 points, while services to rise to 55.2. In Germany, another improvement is predicted in the already strong manufacturing – from 60.7 to 51.1. For the whole continent small changes are expected, and they are likely to leave the manufacturing sector at a stronger growth (57.2) than services (54.2).
   2. Industrial New Orders: Monday, 10:00.  The total volume of orders stabilized last month with a rise of 1.4%. The previous months saw sharper moves. A stronger rise of 2.3% moves is likely now.
   3. German Gfk Consumer Climate: Tuesday, 7:00. Germany’s consumers are gradually becoming more confident – the index is on the rise, but there are bumps. The survey of 2000 consumers is due to rise from 5.4 to 5.5 points.

No. 1 Ohio State holds off No. 23 Illinois 73-68

CHAMPAIGN, Ill. – Aaron Craft made two free throws with 15 seconds left and Jon Diebler forced an Illinois turnover with 4 seconds on the clock as No. 1 Ohio State held on for a 73-68 win over the 23rd-ranked Illini on Saturday.

Jared Sullinger had 27 points and 16 rebounds for the unbeaten Buckeyes (20-0, 7-0 Big Ten), who went on a 14-0 run in the second half in rallying for the victory.

The Illini (14-6, 4-3) made it close, though. Mike Tisdale's 3-pointer brought Illinois within 69-68 with 16 seconds left. But Craft's free throws and Diebler's strip preserved the win.

Talk in Illinois for much of the week centered on the last time the two teams met with one undefeated, in March 2005. Ohio State ended Illinois' unbeaten run that season, though Illinois went on to play in the NCAA title game, losing to North Carolina.

Cowen resigns as party leader, but remains Irish PM

DUBLIN (Reuters) – Ireland's Prime Minister Brian Cowen bowed to pressure from members of the Fianna Fail party on Saturday and resigned as its leader, but said he would serve as premier until a March 11 election.

Cowen's decision to split the role of party leader and prime minister is highly unusual and crowns a week of political drama that had Irish people shaking their heads in anger.

The most unpopular premier in recent history, Cowen is blamed for mishandling the economic crisis and allowing a disastrous property bubble to develop during a previous stint as finance minister.

The meltdown that ensued forced the country to accept an 85 billion euro ($115 billion) bailout from the EU and IMF late last year.

"He should have gone months ago to preserve some kind of dignity for himself and for the office," said Tony Moore, a vegetable delivery man in central Dublin. "Just look at the country's standing abroad, we're a laughing stock."

Giffords flies to Texas rehab center

HOUSTON (Reuters) – U.S. Representative Gabrielle Giffords arrived in Texas on Friday to start the next phase of her recovery at a Houston rehabilitation center following 13 days of treatment at an Arizona hospital for a gunshot wound to the head.

Doctors told a news conference after the congresswoman's arrival that Giffords' transfer went "flawlessly." They said she would begin physical therapy on Friday but remain for now in the intensive care unit because of a drain in place to remove a buildup of fluid in her skull, which puts her at higher risk for infection.
Giffords, 40, left Tucson's University Medical Center by ambulance earlier in the day and was flown from an Air Force base in Arizona to a Houston airport aboard a private jet owned by Texas billionaire Tilman Fertitta.