FXstreet.com (Barcelona) - Despite negative Ifo Business Climate survey, EUR/USD has bounced from support line at 1.3415 (Mar 19 low) reaching a maximum level at 1.3477. The Euro, however remains trading below exponential moving averages in the hourly chart.
If bullish momentum strengthens and the Euro rises above intra-day high at 1.3495, next resistance level would come at 1.3540 and then 1.3580, once above here, 1.3615 level could come into sight.
On the downside ,below 1.3415 (Mar 19 low). below this level, Carol Harmer, technical analyst at Charmer Charts.com, adverts about increasing selling pressure for the Euro: Failure to break back above here (1.3500) quite quickly keeps the pressure to the downside and leads this lower for 1.3414 initially. A loss below here keeps the short term pressure to the downsideâ€”leaving 1.3362 50% Fib level exposed.