The EUR/USD pair saw some limited demand with the European opening, advancing up to 1.0973, but with the upside limited, despite positive German IFO survey figures: Business Climate Index beats consensus in March rising from 106.8 in Feb to 107.9 a 8-month high. Investors are concerned that no bailout agreement has been reached with Greece, with the country once again running out of money. Furthermore, there have been circulating rumors, the ECB is considering limit Greek banks ability of buying short-term debt of t-bills, increasing fears of a default in the troubled country.
Nevertheless, the intraday technical picture continues to favor the upside, with the price above a strongly bullish 20 SMA and the technical indicators regaining the upside in positive territory. The immediate resistance continues to be the 1.1000 price zone, with renewed buying interest above the level probably signaling a retest of this month high at 1.1040. If the price manages to extend above this last, an approach to 1.1100 comes next.
On the other hand, the immediate short term support comes at 1.0930, with a break below it exposing the pair to a steady decline towards the 1.0865 price zone, 38.2% retracement of these last two months bearish run.
View Live Chart for EUR/USD
Nevertheless, the intraday technical picture continues to favor the upside, with the price above a strongly bullish 20 SMA and the technical indicators regaining the upside in positive territory. The immediate resistance continues to be the 1.1000 price zone, with renewed buying interest above the level probably signaling a retest of this month high at 1.1040. If the price manages to extend above this last, an approach to 1.1100 comes next.
On the other hand, the immediate short term support comes at 1.0930, with a break below it exposing the pair to a steady decline towards the 1.0865 price zone, 38.2% retracement of these last two months bearish run.
View Live Chart for EUR/USD
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