FxWirePro

EUR/USD is facing resistance near 1.0850,market eyes German IFO

FX:EURUSD   Euro / U.S. Dollar
409 0 1
•RES 4:1.1035 ( Apr             6th             High)

•RES 3: 1.100

•RES 2: 1.0935 ( 61.8% retracement of 1.105 and 1.0520)

• RES 1: 1.0847 ( Apr             17th high)


PRICE: 1.08022 @ 6:19 GMT            

•SUP 1: 1.0753 (200 day HMA )

•SUP 2: 1.0640 ( 61.8% retracement of 1.0520 and 1.0847)

•SUP 3: 1.0580 (15th Apr             low)

•SUP 4: 1.0520 ( Apr             13th low)

Commentary:

EUR/USD             has recovered till 1.0843 on account of hawkish talks on Greece in Euro             zone meetings. A deal on Greece is unlikely at today Euro             zone meetings and market eyes May 11th Euro             group meeting (day before Greece should repay the debt of €750mn to IM)F.
The major economic indicator to be watched today is German IFO index. It is expected to be stable with a slight decline from 107.9 to 107.7. It is leading indicator of economic health and tends to created major volatility
Technically EUR/USD             is facing major resistance around 1.0850 and any break above would extend gains till 1.0935/1.1000. The major support is around 1.0640 and any further weakness can be seen only below that level.

It is good to buy at declines around 1.0720 with stop around 1.0640 for target of 1.0840.
Or

Sell around 1.0840 with stop around 1.0936 for the target of 1.0670.
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