EUR/USD eyes 1.3300 despite better IFO

FXstreet.com (Edinburgh) -The single currency reached the boundaries of 1.3390 after the German IFO indicator exceeded investors’ expectations in August, just to drag the EUR/USDto fresh lows soon afterwards.

EUR/USD on its way to 1.3300?

The IFO – Expectations improved to 103.3 for the month of August, bettering estimates and July’s 102.4, although it seems insufficient to propel the pair beyond 1.3390/1.3400 so far. On the contrary, the pair eased to fresh weekly lows around 1.3320, threatening to extend the correction to lower levels. Next on tap will be a Spanish auction of 3m Letras, followed by the US S&P/Case-Shiller index and the Consumer Confidence.

EUR/USD levels to consider

As of writing the pair is now losing 0.24% at 1.3334 with the next support at 1.3299 (low Aug.22) followed by 1.3285 (MA30d) and then 1.3222 (weekly top cloud). On the upside, a break above 1.3394 (high Aug.26) would target 1.3410 (high Aug.23) en route to 1.3427 (high Aug.21).

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