- EUR/USD recovers lost ground above the 1.1000 level.
- The strength of the dollar takes a breather on Friday.
- Germany’s IFO business climate release stands out on the economic calendar.
The common currency regains upward traction and lifts the EUR/USD to the 2-day high zone near the 1.1040 level at the start of the European session on Friday.
EUR/USD benefits from risk appetite
EUR/USD smiles back after two consecutive daily pullbacks and looks to consolidate recovery from 1.1000 level on Friday, always in the context of better sentiment in global markets.
Likewise, the US dollar flirts with multi-day lows in the 98.50 region, as measured by the DXY dollar index), against a backdrop of Mixed Performance of US Yields Across the Curve.
The decent advance in the EUR/USD is coming accompanied by the positive performance of the 10-year German Bund yieldsthis time exceeding 0.50% for the first time since October 2018.
In the economic calendar of the euozone highlights the publication of the business climate in Germany, measured by the IFO survey. On the other side of the Atlantic, the publication of the final index of consumer sentiment from the University of Michigan for the month of March stands out.
EUR/USD levels
At time of writing, the EUR/USD pair is up 0.27% on the day, trading at 1.1025. The next resistance is at 1.1137 (17 Mar high), followed by 1.1219 (55-day SMA) and 1.1266 (100-day SMA). On the other hand, a drop below 1.0960 (22 Mar low), would target 1.0900 (14 Mar low) on the way to 1.0805 (7 Mar low).
Source: Fx Street
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