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On Friday, EURO dropped for the first time in the week against USD. The pair, however, recovered after slipping under 1.25 to finally post gains of over 1.4% for the week.
On Monday, EURO remained weak after its fall on Friday but steadied above 1.25 against USD before the release of Germany's most influential indicator of economic health, German Ifo Business Climate, later today.
The pair is currently quoting at 1.2510, little changed from previous close.
On the downside, below 100-day SMA and psychological support of 1.2500, immediate support for the currency pair is seems near 1.2480 - 1.2470 levels, representing 61.8% Fibonacci Retracement Level of its 1.2747 - 1.2042 fall.
Should the pair slip below the 1.2500 psychological support and 1.2480 – 1.2470 important support zone, the pair is likely to witness an accelerated depreciation towards towards 1.2425 – 1.2420 support zone and further towards 1.2390 – the 50% retracement level.
On the upside 1.2560 – 1.2565 seems to act as immediate resistance for the currency pair.
Should the pair manage to strengthen above 1.2560 – 1.2565 resistance zone, the up-move for the currency pair is likely to get extended to test 1.2610 – 1.2615 zone – the ascending trend-line resistance seen on daily charts.
Intraday Important Technical Levels
Support 1 – 1.2474 Resistance 1 – 1.2544
Support 2 – 1.2431 Resistance 2 – 1.2582
Support 3 – 1.2395 Resistance 3 – 1.2614
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