The German ZEW survey showed more than expected improvement in the economic sentiment, which is supporting today the single currency. EUR/USD is seen higher today and reached 1.2005 before retreating to 1.1987, the current market price. On the four hour time frame the price is moving above its moving averages with the 20-day SMA turning to upwards and is crossing with the 100-day SMA at 1.1940. RSI and stochastic had turned to north but yet are not displaying enough strength to see bulls back in the game. The pair should conquer the resistance at 1.2030 in order to advance higher and to confirm the bullish outlook. No meaningful macro data will be released till the end of the day and FOMC meeting remains the key market driver, so narrow ranges will prevail until Wednesday.
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