The Euro advanced to a fresh 2-week high after the Trade Balance printed much better than the forecast, 1.5B vs -8.0B, and the continuous US Dollar weakness across the board gave the single currency a boost. Today, Germany will release the ZEW survey on Economic Sentiment. The sentiment is seen deteriorating to -18.7 vs. -16.6 in February. On the other hand, the US will release January Factory Orders which could impact the Dollar a bit, but traders are mainly anticipating tomorrow’s Federal Reserve meeting for any major direction.
The Euro broke above 1.1330, previous resistance, and retested it as the new support, as the single currency trying to reach the 1.1370 (R2) key resistance level. The bulls will try to test and break above 1.1370 (R1) today for a possible continuation towards 1.14 (R2). As for the bears, they will try and break below 1.1330 (S1) to take back control.
Support: 1.1330 / 1.13
Resistance: 1.1370 / 1.14