- EUR/USD is under pressure and retests the 1.1000 level.
- The German IFO Business Climate fell to 90.8 in March.
- US consumer sentiment and several Fed speeches stand out on today’s US economic calendar.
EUR/USD daily rally has run out of steam just below the 1.1040 level and has caused a subsequent corrective fall to the region of 1.1000 during the European session on Friday.
EUR/USD: Upside looks capped at 1.1040
Despite the retracement from daily highs, EUR/USD maintains the upward bias unchanged at the end of the week in the context of a US dollar correction and the overall better tone in risk appetite.
Limiting the upside potential in the pair is the German Business Climate drop to 90.8 points in March.according to the latest report from the IFO institute.
During the American session, the final index of consumer sentiment from the University of Michigan for the month of March and pending home sales data will be released, along with speeches from Williams, Barkin and Waller of the FOMC.
EUR/USD levels
At time of writing, the EUR/USD pair is up 0.06% on the day, trading at 1.1003. 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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