The EUR/USD pair corrected lower during the Asian session, but strong buying interest surged on an approach to the 1.1300 level, and the pair trades back near this month high, and barely below the year one, at 1.1375.
Data coming from Germany was mixed, with Retail Sales down by 0.4% monthly basis in February, but strongly higher compared to a year before, up by 5.4%. The unemployment rate during March remained unchanged at 6.2%, although the number of unemployed people was unchanged in March, the first month since last September the jobless total has not fallen. Local share markets turned south after the opening, which helps the common currency advance.
View the Live chart of the EUR/USD
The 4 hours chart for the pair shows that the technical indicators have resumed their advances near overbought levels, whilst the moving averages keep gaining ground well below the current level, in line with further advances, towards the mentioned 1.1375 level, this year high. A break above it should see a quick spike up to 1.1410, whilst further gains expose the 1.1460 level, a strong static resistance that contained rallies for most of 2015.
Declines towards 1.1300 will continue to be seen as buying opportunities, with only a clear acceleration below 1.1290 signaling a deeper downward corrective move towards the 1.1240 price zone.
Latest updates on the EUR/USD Forecast
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