Today, European currency is slowly growing against the American dollar. At the moment the pair is traded at the level of 1.1250. Some European news, which is scheduled for the release today, can strengthen existing trend. According to the positive forecast, GDP in Europe can grow by 1.1% in Q1, while industrial output can increase by 1.8%. These data can convince investors in improvements of the economy of Europe.
Support and resistance
From the technical point of view, the price chart continues to move from the middle line to the upper line of Bollinger band indicator. In this case it is highly possible that the price will rebound from the upper line of the indicator to the level of 1.1285.
The nearest support level: 1.1200 (middle line of Bollinger bands)
The nearest resistance level: 1.1285 (upper line of Bollinger bands).
In the current situation buy orders with the target of 1.1385 can be placed if the price breaks down the level of 1.1285. Sell positions with the targets of 1.1200 and 1.1100 can be opened if the price rebounds from the level of 1.1285.