FxWirePro: EUR/USD extends gains above 1.20 handle, German IFO data awaited

The single currency extended gains in late Asian session, and broke above the 1.20 barrier.

• EUR/USD is holding above 1.1200 heading into the European Session, as markets await  German IFO data 
   
• Expectations are for the German Ifo index to decline in line with the German PMI and ZEW figures
   
• EUR/USD is currently trading at 1.2062, price action having been tested and rejected at cloud  base by 1.1217
   
• Immediate support on the downside is located at 1.1200 (hourly lows Sept 24), and then at 1.1122 (55-Day MA)
   
• Any positive surprise from German data could boost snetiment, buoying the single currency higher