FxWirePro: EUR/USD gains some upside momentum but still bearish
The EUR/USD pair rebounded on Monday erasing some earlier losses suffered following the release of German Ifo Business Climate Index. German business morale unexpectedly inched down to 106.6 53.9 in April, from 106.7 in …
The EUR/USD pair rebounded on Monday erasing some earlier losses suffered following the release of German Ifo Business Climate Index.
German business morale unexpectedly inched down to 106.6 53.9 in April, from 106.7 in March. It was fourth fall in five months and below consensus forecast of 107.0.
Further upside is expected to be limited as pair remains well below strong resistance at 1.1300.
To the upside, the strong resistance can be seen at 1.1300, a break above will take the pair towards next resistance level at 1.1350.
To the downside immediate support can be seen 1.1237levels, a break below will open gates towards 1.1215levels.
