• The EUR/USD pair rebounded on Monday erasing some earlier losses suffered following the release of German Ifo Business Climate Index.
   
• German business morale unexpectedly inched down to 106.6 53.9 in April, from 106.7 in March. It was fourth fall in five months and below consensus forecast of 107.0.
   
• Further upside is expected to be limited as pair remains well below strong resistance at 1.1300.
   
• To the upside, the strong resistance can be seen at 1.1300, a break above will take the pair towards next resistance level at 1.1350.
   
• To the downside immediate support can be seen 1.1237levels, a break below will open gates towards 1.1215levels.
  
  Resistance Levels
  
  R1: 1.1254 (50% Retracement level)
  
  R2: 1.1274 (61.8% Retracement level)
  
  R3: 1.1300 (Psychological levels)
  
  Support Levels
  
  S1: 1.1237 (38.2% Retracement level)
  
  S2: 1.1215 (23.6% Retracement level)
  
  S3: 1.1180 (March 29th low)