The EUR/USD pair is recovering ground after hitting a fresh 11-year low of 1.1097 early Asian opening, having already filled the weekly opening gap. The pair trades steady above 1.1200 and advancing to new daily highs around 1.1260 after the release of German IFO survey showing local Business Climate rose above expected to 106.7. On Sunday Greece elections resulted in a victory of the Syriza party that ensured 149 seats, short 2 seats from a full majority. The far-left leader Tsipras declared the end of the “vicious cycle of austerity” jeopardizing the payment of their sovereign debt and the Euro area future as it is.
In the meantime, the 4 hours chart for the EUR/USD pair shows that indicators aim higher from extreme oversold readings, supporting current upward correction whilst 20 SMA maintains a strong bearish slope well above current price. The pair has an immediate static resistance around 1.1280/90, last Friday US session highs, and sellers will likely surge around it. If broken, the rally can extend up to 1.1330 price zone, although seems quite unlikely for today. To the downside, the immediate support stands at 1.1190, and if broken, 1.1150 and 1.1100 are next bearish targets.
View Live Chart for EUR/USD
In the meantime, the 4 hours chart for the EUR/USD pair shows that indicators aim higher from extreme oversold readings, supporting current upward correction whilst 20 SMA maintains a strong bearish slope well above current price. The pair has an immediate static resistance around 1.1280/90, last Friday US session highs, and sellers will likely surge around it. If broken, the rally can extend up to 1.1330 price zone, although seems quite unlikely for today. To the downside, the immediate support stands at 1.1190, and if broken, 1.1150 and 1.1100 are next bearish targets.
View Live Chart for EUR/USD
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