EUR/USD is facing resistance near 1.0850,market eyes German IFO

•RES 4:1.1035 (Apr 6th High)

•RES 3: 1.100

•RES 2: 1.0935 (61.8% retracement of 1.105 and 1.0520)

• RES 1: 1.0847 (Apr 17th high)


PRICE: 1.08022 @ 6:19 GMT

•SUP 1: 1.0753 (200 day HMA)

•SUP 2: 1.0640 (61.8% retracement of 1.0520 and 1.0847)

•SUP 3: 1.0580 (15th Apr low)

•SUP 4: 1.0520 (Apr 13th low)

Commentary:

EUR/USD has recovered till 1.0843 on account of hawkish talks on Greece in Euro zone meetings. A deal on Greece is unlikely at today Euro zone meetings and market eyes May 11th Euro group meeting (day before Greece should repay the debt of €750mn to IM)F.
The major economic indicator to be watched today is German IFO index. It is expected to be stable with a slight decline from 107.9 to 107.7. It is leading indicator of economic health and tends to created major volatility
Technically EUR/USD is facing major resistance around 1.0850 and any break above would extend gains till 1.0935/1.1000. The major support is around 1.0640 and any further weakness can be seen only below that level.

It is good to buy at declines around 1.0720 with stop around 1.0640 for target of 1.0840.
Or

Sell around 1.0840 with stop around 1.0936 for the target of 1.0670.