The dollar advances ahead of the US opening, helped by a tepid bounce in stocks and a firmer tone in oil's prices, as the commodity bounced and US futures trade near $37.00 a barrel. Data coming from the EU showed that German Industrial Production improved in February, but the poor factory orders published last Tuesday neutralized the positive news. During the upcoming hours, the US will release its latest crude oil stockpiles data, whilst later on will publish the Minutes of the latest FOMC meeting. The common currency is still reluctant to give up against its American rival, as the pair quotes around Friday's low, having been as low as 1.1326 so far today. In the 1 hour chart, the EUR/USD pair is biased lower, as the technical indicators head sharply lower within bearish territory, whilst the 20 SMA has turned lower above the current level. In the 4 hours chart, the downward momentum is limited, as the indicator has turned north below its 100 level, while the 20 SMA maintains its neutral stance around 1.1380. Renewed selling pressure below the daily low, should lead to a continued decline during the upcoming hours, particularly if markets gives a positive interpretation of the FED's minutes.
Support levels: 1.1330 1.1280 1.1245
Resistance levels: 1.1410 1.1460 1.1500