EUR/USD around 1.0870 post-IFO

The upside momentum in EUR/USD stays unchanged so far today, currently gravitating around 1.0870 in the wake of the IFO figures in Germany.

EUR/USD apathetic on data

Spot kept the composure after the in general positive results from the German IFO or the current month. In fact Current Assessment and Business Climate have surpassed estimates at 121.1 and 112.9, respectively. On the not-so-bright-side, the Expectations component ticked lower to 105.2 from 105.7 and 106.0 initially forecasted.

In the meantime, the recent win by centrist and pro-EU candidate Emmanuel Macron in the French elections continues to drive the sentiment in the global markets and around the pair in particular, which managed to clinch fresh 2017 tops at 1.0920 in early trade.

Data wise in the euro area, the Bundesbank monthly report is due later, while the Chicago National Activity Index and the speech by Minneapolis Fed N.Kashkari (voter, dovish) are expected across the pond.

EUR/USD levels to watch

At the moment, the pair is gaining 1.32% at 1.0870 facing the next hurdle at 1.0905 (high Mar.27) followed by 1.0920 (2017 high Apr.24) and then 1.1000 (psychological handle). On the flip side, a breach of 1.0838 (200-day sma) would target 1.0821 (low Apr.24) en route to 1.0780 (high Apr.20).