The Euro failed in its attempt to rally above 1.1000 last week (1.1008 Thursday) following some strong selling from speculative long Euro bets. EUR/USD retreated further towards 1.0900 with a close in New York at 1.0902 from Friday’s opening at 1.0948. The shared currency slipped to an overnight low at 1.08854 before climbing to settle at 1.0902.
![LiveChartsUK EURUSD Chart -](https://thetradersspread.com/wp-content/uploads/2020/05/LiveChartsUK-EURUSD-Chart-1-1.png)
Germany’s IFO Business Climate and Final Q1 GDP data are released today. The Franco-German proposal for an EU Recovery Fund remains the Euro’s biggest support. Speculative long Euro bets will continue to cap the topside of the shared currency.
EUR/USD has immediate support at 1.0880 followed by 1.0850. Immediate resistance can be found at 1.0950 (1.09536 overnight high) and 1.1000. The overall range between 1.08-1.10 since early April looks likely to continue. The risk is still lower while the market’s positioning is long. Look to trade a likely 1.0870-1.0970 range today.