EUR/USD muted post-IFO, keeps 1.0970

The shared currency has barely reacted after the German IFO today, with EUR/USD keeping the trade around 1.0970.

EUR/USD ignores better IFO

Spot kept the composure after German IFO has come in above expectations for the current month, with Business Climate, Business Expectations and Current Assessment at 108.3, 102.2 and 114.7 respectively.

The pair, however, remained within today’s tight range around the 1.0970 area, alternating gains with losses despite the absence of traction around the greenback.

EUR/USD levels to watch

The pair is now losing 0.05% at 1.0970 facing the immediate support at 1.0913 (post-Brexit low Jun.24) ahead of 1.0820 (low Mar.10) and then 1.0777 (low Jan.21). On the other hand, a breakout of 1.1062 (20-day sma) would target 1.1076 (200-day sma) en route to 1.1166 (high Jul.14).