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The EUR/USD pair hovers around the 1.0900 level in a quiet start to the week, with the shared currency founding support in a better than anticipated German IFO Survey, FXStreet’s analyst Valeria Bednarik reports. 

Key quotes

“The Business Climate in Germany improved in May to 79.5 from 74.2. Expectations also improved, although the assessment of the current situation worsened.” 

“The 4-hour chart shows that the EUR/USD met buyers around the 100 and 200 SMA, both converging with the mentioned level, while the 20 SMA maintains its bearish slope above the current level.” 

“Support levels: 1.0870 1.0830 Resistance levels: 1.0925 1.0960”