The common currency attempted to recover from the losses from last week as it gained 0.17% on the day. The German Ifo business climate data showed an increase for the first time in six months. The Ifo index rose to 99.6 in March, up from 98.7 in February and beat estimates of an unchanged print.
Can the EUR/USD Break the Resistance at 1.1330?
The currency pair inched higher on an intraday basis and briefly tested the resistance level at 1.1330 before pulling back. Price action has formed a possible consolidation pattern near the lows from last Friday. If the resistance level cannot be breached, we anticipate price to retest Friday’s lows of 1.1272 level and could potentially validate the bearish flag pattern. This could push the currency pair lower toward 1.1217.
