EUR/USD Following Through on Monday’s Gain

Frankfurt (April 18)  EUR/USD started off the week with a move to the upside and is modestly higher in today’s trading, currently at 1.0652, up 0.09% over Monday’s North American close.

Resistance for the pair is at Monday’s high at 1.0670, which represents a test of the high established in last week’s trading at 1.0678. On a move above this zone, the next area of resistance to watch is at the 1.0700 level.

At present, with the Stochastic still moving higher but well below an overbought level, the current bias remains to the upside.

Should sellers step in, initial support is at the 1.0600 level, followed by the April 10th low at 1.0569.

In today’s trading, there are no high impact reports out of the Eurozone. In the US, Housing Starts and Building Permits will be released at 08:30 ET. This will be followed by Industrial Production and Capacity Utilization at 09:15 ET.

On Wednesday, Eurozone CPI data will be released at 05:00 ET. The month-over-month reading for March is expected at 0.8%, following a reading at 0.4%, while year-over-year is forecast to come in at 1.5%, unchanged from the prior reading.

Source: EconomicCalendar