Forex forecast

EUR/USD Current Price: 1.1257

25.04.2016 16:11:01

The EUR/USD pair trades uneventfully this Monday, between 1.1215, the low set at the beginning of the day and 1.1262, the highest of the European session. Germany released the IFO survey's results for April, showing that business confidence decreased alongside with the assessment of the current situation, suggesting the economic slowdown seen during the first quarter of the year continues. Still pending of release, the US will offer its latest New Home sales figures during the upcoming session, expected to have grew modestly during March.

In the meantime, the pair remains near its daily high, but lacking directional strength, although limited towards the downside, as in the 1 hour chart, the price is above a flat 20 SMA, whilst the technical indicators are turning lower within positive territory. In the 4 hours chart, the technical bias favors the downside, as the 20 SMA has extended its decline above the current level, and maintains a strong downward slope, whilst the technical indicators are turning south below their mid-lines, after correcting from oversold levels. 

Support levels: 1.1220 1.1160 1.1120

Resistance levels:  1.1280 1.1315 1.1340