On Monday the pair EUR/USD traded in the range of 1.0909-1.1035. Following the rise at the end of last week the pair made failed attempt to go above resistance level of 1.0950 and is now trading at around 1.0915.
Some macro-economic news, which can affect the movement in the pair EUR/USD will be released this week. Special attention should be paid to the data on retail sales in Eurozone, which will become known on Wednesday. This index in February might go down to the negative zone, which will definitely undermine Euro’s position.
Support and resistance
Technical indicators encourage strong buy orders. On the four-hour chart, average moving lines with the periods of 20, 50 and 100 are below the price level, indicating the rise in price. Ichimoku indicator shows that the price is above the “cloud” and between the signal lines, which indicates upward correction.
The nearest support level is the moving average line with the period of 100 (1.0895). Resistance levels are the local highs of 1.0950 and 1.1025.
It is recommended to open long positions at the current price at the level of 1.1025.