EUR/USD Moving Higher in Today’s Session

Frankfurt (April 11)  EUR/USD fell to a new reaction low at 1.0570 in Monday’s trading but is currently making a move to the upside, breaching the 1.0600 level and currently trading at 1.0617, a gain of 0.21% over Monday’s North American close.

In today’s session, it was reported that Eurozone industrial production declined 0.3% in February. This was versus expectations of a 0.1% increase for the month. The January data was revised sharply lower to an increase of 0.3% compared with the original estimate at 0.9%.

However, the pair is moving higher in today’s trading, following a better than expected read on German ZEW Economic Sentiment for April. The number came in at 19.5, versus expectations for a reading at 14.0 and a reading in March at 12.8.

At present, the pair is trading at the highs of the session. The next level of resistance comes in at 1.0650, which represents the 61.8% retracement level of the March advance. As long as this level holds, the broader bias will remain to the downside, with an eventual move to the 1.0500 level expected.

On a break above 1.0650, the next level of resistance comes in at the 1.0700 level, which was tested with the high established on March 31.

Source: EconomicCalendar