The EUR/USD currency exchange rate started a decline on Friday morning, which received a major boost at 08:00 GMT. At that time, the German Preliminary GDP was released. The data revealed that GDP of Germany had increased by 1.8% instead of the forecast 2.2%. The news fueled a decline, which eventually reached the 1.1535 level.
On Monday morning, the rate had recovered to the 1.1570 level.
If the rate continues to recover, it could encounter resistance in the last week’s low level zone at 1.1585/1.1590. A surge above this zone would most likely encounter resistance in the 55, 100 and 200-hour simple moving averages in the 1.1610/1.1620 zone.
Meanwhile, a decline of the EUR/USD might find support in the 1.1535 level. Below the 1.1535 level, the weekly S1 simple pivot point could provide support at the 1.1501 level. Moreover, the 1.1500 mark could act as a support level on its own.
