EUR/USD Biased Up on Upbeat German Ifo Business Confidence Data

        0036 GMT [Dow Jones] EUR/USD is likely to trade in a higher range Tuesday, supported by a surprise rise in Germany's Ifo business climate index to 104.7 in November from 103.2 in October (versus a forecast drop to 103.0), and comment from German Bundesbank President Jens Weidmann that more monetary measures to solve low inflation are difficult and could encounter legal limits. The daily chart is mixed as the MACD indicator is bullish, but the slow stochastic measure is in bearish mode. Resistance is at 1.2445 (Monday's high); a breach would expose upside to 1.2569 (Friday's high). Support is at 1.2359-1.2358 (Monday's low-Nov. 7 two-year low); a breach would tilt the near-term outlook negative, exposing downside to 1.2293 (Aug. 20, 2012, low). Spot EUR/USD is at 1.2427. (jerry.tan@wsj.com)
        (END) Dow Jones Newswires

        November 24, 2014 19:36 ET (00:36 GMT)

#Ifo_Business_Climate
#Germany
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