EUR/USD Forecast: stable near monthly tops ahead of German IFO

Haresh Menghani FXStreet

The US Dollar languished near 1-month lows, with the EUR/USD pair extending its overnight bullish consolidative price action near mid-1.1800s, or 1-1/2 week tops. In a rather subdued trading session on Thursday, the pair extended its recent up-move and got an additional boost from solid EZ PMI prints. Also supporting the up-move were upbeat comments by the ECB Governing Council member Villeroy, while the release of ECB meeting minutes did little to influence the movement.

Against the backdrop of the latest political uncertainty in the Euro-zone's largest economy, Germany, traders now look forward to the release of German Ifo business climate index for some impetus. Later during the NA session, the US flash PMIs (manufacturing & services) are also due for release but seems unlikely to have any meaningful impact.

From a technical perspective, a move beyond monthly tops hurdle near the 1.1860 level reaffirm resumption of the prior bullish trend and accelerate the up-move towards the 1.1900 round figure mark. A follow-through buying interest has the potential to continue lifting the pair towards 1.1945-50 intermediate hurdle en-route to the key 1.20 psychological mark.

On the flip side, any meaningful retracement is likely to find some fresh buying interest near the 1.1800 handle and any subsequent weakness is likely to be limited near the 1.1765-60 strong support.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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