Forex Report: EUR/USD Bullish Above 1.0800

Overhead resistance is located at 1.0840 and then 1.0860...


Last Friday, the U.S. dollar eased against other major currencies, with the ICE Dollar Index slipping 0.2% on day to 100.29.

EUR/USD rebounded 0.4% to close at 1.0821 Friday, snapping a four-day decline. The German IFO Business Climate Index declined to 73.4 in April (79.7 expected) from 86.1 in March.

Currently, the pair has entered a consolidation phase, but remains at levels above the key support at 1.0800. Meanwhile the 20-period moving average stands above the 50-period one, and the relative strength index is around 50, keeping the intraday bias as bullish.

Overhead resistance is located at 1.0840 and then 1.0860. 

On the downside, below the key resistance at 1.0800, downside support would be found at 1.0780.

Source: GAIN Capital, TradingView

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