- The EUR/USD pair inched up towards 1.1535 on Monday, as the pair found buying interest around 1.1449 levels on stronger German manufacturing data.
- Markit Purchasing Managers index for manufacturing, which accounts for about a fifth of the German economy, rose 51.8 in April from 50.7 in March.
- After weak US factory data, the pair broke above 1.1500, but failed to advance further as the euro ran strength as the currency pair reached overbought condition.
- At the moment the pair is trading around 1.1521 levels and it is expected to advance further towards 1.1550 and 1.1580 levels as the support level at 1.1450 is set to hold the bears from falling further below, and push the pair towards higher levels.
- To the upside, the strong resistance can be seen at 1.1561, a break above this level would take the pair towards next resistance level at 1.1623 levels.
- To the downside immediate support can be seen at 1.1449 levels, a break below this level will open the door towards next level at 1.1367.
Resistance Levels
R1: 1.1533 (Session high)
R2: 1.1561 (38.2% Retracement level)
R3: 1.1623 (23.6% Retracement level)
Support Levels
S1: 1.1500 (50% Retracement level)
S2: 1.1449 (61.8% Retracement level)
S3: 1.1367 (April 29th lows)
The material has been provided by InstaForex Company – www.instaforex.com