The European Central Bank could make or break the recent EUR/USD rise, which looks bullish from a technical standpoint.
The ECB meeting Thursday will be the main focus in Europe while euro zone data this week include final May PMIs, April unemployment and retail sales nL4N2DD09E.
The ECB is expected to increase its 750 billion-euro bond-buying programme, probably by around 500 billion euros.
But this might not be a done deal nL8N2DF1BS.
EUR/USD's outlook remains positive after three daily closes above the cloud top at 1.1066.
On Tuesday the market has broken the 1.1167 Fibo, a 61.8% retrace of the 1.1495 to 1.0636 March drop, a daily close above which will accelerate towards the March 16 1.1240 peak.
Tenkan and kijun lines are positively aligned, reinforcing the bullish market structure.
Traders should not be surprised about EUR/USD's recent strength, as a seasonality study of EUR/USD's performance for each June since 2000 shows it has closed up in 13 of the past 20 years (65% of the time) nL1N2DD09O.
Daily Ichimoku Chart: Click here