The escape from the risky assets, as well as favorable statistics from the Eurozone supported the euro. The manufacturing PMI in Germany for March exceeded traders’ expectations. The index reached 50.7 and 51.6 against the forecasts of 50.4 and 51.4. On the other hand the 10-year German government bonds yield decreased in relation to their counterparts (the US and the UK) which reduced the attractiveness of the European assets.
The first support lies at 1.1350 and then at 1.1260. The first resistance stands at 1.1450, the next one is at 1.1550.
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows an upward movement. The upward movement will be until the price is above the Cloud.
The MACD indicator is in a positive territory. The price is consolidating.
The buyers need to break above 1.1450 for a steady growth. The way to the mark 1.1550 will be opened after this breakthrough.