FX.co ★ Technical analysis and trading recommendation for EUR/USD for April 21, 2015

In March 2015, theGerman Producer Price Index for industrial products fell by 1.7% compared with the corresponding month of the preceding year. In February 2015, the annual rate of changes all over was –2.1%. The euro edged lower against USD at yesterday's session. The pair rejected at 20Dsma and closed below that. The nearest strong support is found at 1.0700 rounded and 1.0680 34hrsma.Concerns over Greek issue added the new factor into the bearish view. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The Greek exit from the eurozone is the most likely scenario. The euro group of finance ministers meets this Friday on April 24. Bulls' last hope exists between 1.0690-1.0680. Sustaining below these levels leads to a fresh new low. Eventually, the euro looks weak moving towards 0.9000 against USD.

Intraday:

The pair erased a higher low and higher high strategy in the hourly chart. The hourly resistance is seen at 1.0770. The intraday strategy favors bears with sl 1.0770 and targets at 1.0700, 1.0680 1.0650, and 1.0625. The strong sell will emerge below 1.0680 towards 1.0650 and 1.0625 immediately. Today, traders eye on ZEW German economic sentiment and ZEW economic sentiment. At February and March, the German ZEW readings are in negative mode. We expect the same bias in April as well. But the ZEW economic sentiment has been ticking up for five consecutive months. From November 2014, onwards the readings turned to a positive note. In April, we expect positive readings. In this case, we recommend buying above 1.0780 with targets at 1.0800, 1.0820, and 1.0845.