25 Aug 2015
EUR/USD retakes 1.1570, IFO eyed
FXStreet (Edinburgh) - After bottoming out in the 1.1520 region, EUR/USD has managed to regain the 1.1560/70 band ahead of the opening bell in Euroland.
EUR/USD focus on German IFO
The pair is surrendering part of yesterday’s multi-month advance to levels just above the 1.1700 handle fuelled by a persistent collapse in the greenback and the ‘usual’ fears surrounding EM FX space and commodities.
In the data front, German GDP figures showed the economy expanded 0.4% QoQ and 1.6% on a yearly basis, in line with expectations. Ahead in the session and still in Germany, the IFO indicator is due followed by Markit’s Services PMI and New Home Sales across the pond.
EUR/USD key levels
At the moment the pair is retreating 0.36% at 1.1577 with the next support at 1.1525 (low Aug.25) followed by 1.1420 (low Aug.24) and finally 1.1240 (low Aug.21). On the flip side, a breakout of 1.1714 (high Aug.24) would open the door to 1.1786 (high Jan.15) and then 1.1846 (high Jan.14).
EUR/USD focus on German IFO
The pair is surrendering part of yesterday’s multi-month advance to levels just above the 1.1700 handle fuelled by a persistent collapse in the greenback and the ‘usual’ fears surrounding EM FX space and commodities.
In the data front, German GDP figures showed the economy expanded 0.4% QoQ and 1.6% on a yearly basis, in line with expectations. Ahead in the session and still in Germany, the IFO indicator is due followed by Markit’s Services PMI and New Home Sales across the pond.
EUR/USD key levels
At the moment the pair is retreating 0.36% at 1.1577 with the next support at 1.1525 (low Aug.25) followed by 1.1420 (low Aug.24) and finally 1.1240 (low Aug.21). On the flip side, a breakout of 1.1714 (high Aug.24) would open the door to 1.1786 (high Jan.15) and then 1.1846 (high Jan.14).