EUR/USD: Stabilizes after the drop ahead of the German IFO release

The EUR/USD is trading around $1.2220 in the wake of the European session, up from the low of $1.2184 seen earlier in the day. Higher US bond yields remain the main driver. The pair's slight recovery follows a minor retreat of yields from the 3% level. The German IFO release is next.

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The US benchmark Treasury yield jumped to 2.99% on Monday pushing the US Dollar higher across the board.

German IFO business climate index headlines Tuesday after the Eurozone manufacturing decelerated less than expected in April while services PMIs increased keeping the composite PMI steady.

The UK Prime Minister Theresa May is facing a tough opposition within her Tory party after the House of Commons is debating this week the proposal of the House of Lords for the UK to stay within customs union with EU after Brexit.

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EUR/USD 1.2155 support coming with reach?

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Yohay Elam

The EUR/USD is stable in the wake of a new week, but its prospects have not improved. The Technical Confluences Indicator shows that stronger clusters of resistance remain to the upside while fewer confluence zones await on the downside.

The pair is struggling around 1.2280, where we see congestion of the Simple Moving Average 5-15m, the SMA50-15m, the Fibonacci 61.8% one-month, the Bolinger Band 15m-Upper (Stdv. 2.2), the BB 1h-Middle, the SMA-5-1hv, the Fibo 23.6%, and the SMA10-1h.

If the pair indeed drops, support is found around 1.2215, the meeting point of the Pivot Point one-week S1 and the one-month low. Even lower, at 1.2155, we find the Pivot Point one-month S1 and the Pivot Point one-week S2.

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