Investing.com - The euro extended losses against the U.S. dollar on Monday, despite data showing that German business confidence improved to the highest level in seven months in February, as investors remained cautious regarding Greece's new bailout deal.
EUR/USD hit 1.1311 during European morning trade, the session low; the pair subsequently consolidated at 1.1311, declining 0.63%.
The pair was likely to find support at 1.1223, the low of January 27 and resistance at 1.1449, the high of February 19.
In a report, the German research institute, Ifo said its Business Climate Index rose to a seven-month high of 106.8 this month from a reading of 106.7 in January, but still below forecasts for 107.7.
Meanwhile, investors remained cautious as Athens was to present a list of reforms on Monday to be approved by the country’s creditors in order to secure its four-month bailout extension, which will give it more time to reach a lasting agreement with its creditors.
On Friday, the euro zone approved the extension of Greece’s €240 billion bailout, removing concerns that the country would face a liquidity crunch when its current bailout agreement expired at the end of the month.
The euro was also lower against the pound, with EUR/GBP shedding 0.36% to 0.7360.
Later in the day, the U.S. was to publish a report on existing home sales.