Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR remains bid ahead of German IFO data, weakness only below 1.0995

  • EUR remains bid into the European session on Monday, awaits German IFO data due later in the day 

  • EUR/USD trades just above the 1.10 barrier at 1.1022, after dropping to the 1.0920 area last Friday

  • "Germany will publish Ifo Business Climate index, which we expect to have weakened in tandem with the recent (temporary) slowdown in economic figures", says Danske Bank in a report

  • Any major disappointment on the data could weigh on the pair which remains supported on broad USD weakness

  • Next resistance is seen at 1.1018 (Daily High Jul 23) ahead of 1.1035 (Daily High Jul 15)

  • On the downside, a breach of 1.0922 (Daily Low Jul 23) could see the pair at 1.0900 levels

Resistance Levels:

R1: 1.1018 (Daily High Jul 23)

R2: 1.1035 (Daily High Jul 15)

R3: 1.1090 (Daily High Jul 14)

Support levels: 

S1: 1.0995 (Trendline support)

S2: 1.0922 (Daily Low Jul 23)

S3: 1.0900 (Psychological Level)

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.