Forex: EUR/USD in red, eyes on IFO (Barcelona) - The single currency has started the week trading in the negative territory, ahead of the German IFO series. Prior surveys expect the components to show mixed results for the present month.

Light calendar in the euro zone, with the German Import Price index and the IFO series, followed by Italian trade balance figures. Across the pond, Dallas Fed Manufacturing Business index and the Chicago Fed National Activity index are also due. FOMC member Williams will give a speech this evening as well.

At the moment, the cross is down 0.20% at 1.2947 with the immediate support at 1.2920 (low Sep.20) ahead of 1.2827 (MA200d) then 1.2815 (low Sep.12) and 1.2770 (MA21d).
On the upside, a breakout of 1.3059 (high Sep.20) would open the door to 1.3120 (high Sep.18) then 1.3173 (high Sep.17) and finally 1.3181 (high May 3).