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EUR/USD turns negative near 1.10 post-IFO

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is accelerating its correction lower from recent highs in the mid-1.10s, challenging 1.1015/10 following the German IFO.

    EUR/USD indifferent on IFO

    The pair is giving away further ground following a generalized softer tone from the German IFO, where Business Climate and Expectations have missed forecasts and Current Assessment has surprised to the upside. Previously, and still in Germany, GDP figures for the fourth quarter have matched prior surveys at 0.3% QoQ and 2.1% YoY.

    The risk-off trade now seems to be taking a breather, prompting spot to drop further and allow another potential test of yesterday’s lows at 1.1000 the figure.

    EUR/USD levels to watch

    The pair is now losing 0.12% at 1.1011 facing the next support at 1.1000 (low Feb.22/psychological handle) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a break above 1.1112 (20-day sma) would open the door to 1.1123 (38.2% Fibo of December up-move) and then 1.1220 (23.6% Fibo of December up-move).
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