The EUR/USD pair extended its weekly advance up to 1.0832, after the release of the European inflation figures for March, matching expectations. Monthly basis, the consumer price index rose to 1.1%, from previous 0.6%, further evidencing the EZ is slowly recovering. Furthermore, the American dollar is under pressure across the board, which should favor additional advances.
Nevertheless, the 4 hours chart shows that the price is retracing from the a Fibonacci resistance around the mentioned daily high, but holds above the 1.0800 level. The 20 SMA heads strongly north well below the current price, whilst the technical indicators also aim north in positive territory, pointing for more intraday gains, should the price break above the mentioned Fibonacci resistance. The immediate resistance then, comes at 1.0870, whilst above this last, the 1.0900/10 area is next. To the downside, the level to watch is 1.0780 as a break below it may see the pair retreating down to the 1.0720/30 area.
View Live Chart for EUR/USD
Nevertheless, the 4 hours chart shows that the price is retracing from the a Fibonacci resistance around the mentioned daily high, but holds above the 1.0800 level. The 20 SMA heads strongly north well below the current price, whilst the technical indicators also aim north in positive territory, pointing for more intraday gains, should the price break above the mentioned Fibonacci resistance. The immediate resistance then, comes at 1.0870, whilst above this last, the 1.0900/10 area is next. To the downside, the level to watch is 1.0780 as a break below it may see the pair retreating down to the 1.0720/30 area.
View Live Chart for EUR/USD
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