FxWirePro: EUR Remains Bid Ahead of German IFO data, Weakness Only Below 1.0995

27 July 2015, 09:59

• EUR remains bid into the European session on Monday, awaits German IFO data due later in the day
  
• EUR/USD trades just above the 1.10 barrier at 1.1022, after dropping to the 1.0920 area last Friday
  
• "Germany will publish Ifo Business Climate index, which we expect to have weakened in tandem with the recent (temporary) slowdown in economic figures", says Danske Bank in a report
  
• Any major disappointment on the data could weigh on the pair which remains supported on broad USD weakness
  
• Next resistance is seen at 1.1018 (Daily High Jul 23) ahead of 1.1035 (Daily High Jul 15)
  
• On the downside, a breach of 1.0922 (Daily Low Jul 23) could see the pair at 1.0900 levels
  

Resistance Levels:

R1: 1.1018 (Daily High Jul 23)

R2: 1.1035 (Daily High Jul 15)

R3: 1.1090 (Daily High Jul 14)

Support levels: 

S1: 1.0995 (Trendline support)

S2: 1.0922 (Daily Low Jul 23)

S3: 1.0900 (Psychological Level)

Source : FX-Primus

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