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EUR/USD came under modest bearish pressure in the European trading hours and retreated from session tops. The data from Germany showed that Ifo Expectations Index slumped to 85.1 in March from 98.4 in February, missing analysts' estimate of 92 by a wide margin. Ahead of the US data, the pair trades in a tight range above 1.1000.
EUR/USD rose above the 100-period SMA on the four-hour chart and the Relative Strength Index (RSI) indicator edged higher above 50, pointing to a bullish tilt in the near-term technical outlook. However, the pair is yet to show any signs of a buildup of momentum.
1.1040 (Fibonacci 50% retracement of the latest downtrend) aligns as key resistance on the upside. In case this level turns into support, the pair could target 1.1080 (Fibonacci 61.8% retracement) and 1.1100 (psychological level).
On the other hand, a four-hour close below 1.1000 (psychological level, Fibonacci 38.2% retracement, 100-period SMA) could open the door for an extended slide toward 1.0960 (static level) and 1.0940 (Fibonacci 23.6% retracement).
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