FXstreet.com (Barcelona) - The EUR/USD rose after better-than-expected US economic data reduced the risk of a severe US recession. Germany's business sentiment fell to a 26-year low in March; however, the expectations index, the only leading indicator of growth in the survey, rose for a third consecutive month.

The EUR/USD, consolidating last week's huge gains, seems to establish a new trading range between resistance in the 1.37-area and support in the 1.34-area. The pair is overbought, but the trend is up, said Hans Nilsson, analyst at CMS Forex. Major risks to further gains are a significant correction in the stock market and an implosion in the eastern European economies.