Friday, July 23, 2010

EUR/USD jumps back to session high on strong IFO figures


Forex Special Barcelona) - Euro rebound from session low at 1.2860 hit ahead of European market opening, as extended about 40 pups higher to session low at 1.2920, following better than expected German IFO Business Climate Index.


The pair is facing resistance at 1.2920/30 (Jul 22 low/session high) at the moment, with next resistance levels at 1.2960/70 (intra-day level) and 1.2990/00 (Jul 16/19 highs). On the downside, support levels 1.2840 (Jul 20 low/intra-day level), with next support levels at 1.2790/00 (intra-day support) and 1.2730/40 (Jul 21/22 low).

German IFO business climate Index rose to 106.2 in July, beating market expectations of an increase to 101.8, while the assessment of the current economic situation improved to 106.8 in July from revised 101.5 in June, well above market expectations of an advance to 102.5.

EUR/USD (Jul 23 at 09:03 GMT)

1.2940/43 (0.38%)

H 1.29675 L 1.286

S3S2S1R1R2R3
1.28091.28411.28731.28951.29271.2959
[?]Trend Index[?]OB/OS Index
Slightly BearishNeutral
Data updated on Jul 23 at 08:30 (15-minute timeframe)


[ View EUR/USD Technical Studies ]

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