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On Monday, EURO initially hit a session high of 1.2535 against USD after the German business sentiment, Ifo survey, was released that fell more than expected in August. The pair gradually lost ground but held the 100-day SMA support near 1.2490 to finally settle above 1.2500 important psychological level.
On Tuesday, USD strengthened against EURO ahead of the consumer sentiment reports from Germany and the US. The pair is currently quoting at 1.2484.
The pair is finding good support near 1.2470 – 1.2465 levels – the 100-day SMA and near 61.8% Fibonacci Retracement Level of its 1.2747 - 1.2042 fall. Immediate support on the downside lies near 1.2440 levels.
Should the pair decisively break below 1.2440 support level, downside momentum is likely to continue till sub 1.2400 levels – 50% retracement level.
On the upside, above 1.2500 levels, 1.2560 – 1.2565 levels may continue to act as resistance zone for the currency pair.
Should the pair manage to strengthen above 1.2560 – 1.2570 resistance zone, the up-move for the currency pair is likely to get capped near 1.2610 – 1.2615 zone – the ascending trend-line resistance seen on daily charts.
A decisive move above 1.2610 – 1.2615 would indicate break above the ascending channel visible on daily chart and would confirm further appreciation for the currency pair towards 1.2750 levels.
1.2500 on the upside and 1.2470 on the downside may act as important intraday pivot points for a decisive move on either side for the currency pair.
Intraday Important Technical Levels
Support 1 – 1.2443 Resistance 1 – 1.2526
Support 2 – 1.2414 Resistance 2 – 1.2553
Support 3 – 1.2385 Resistance 3 – 1.2583
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