EUR/USD catches fresh bid post-IFO, 1.1000 – a whisker away

Dhwani Mehta FXStreet

The shared currency caught a fresh breath of life against its American rival following the release of upbeat German IFO surveys, taking the EUR/USD pair closer towards 1.10 barrier.

EUR/USD approaches 1.1000 on German data

Currently, EUR/USD trades +0.08% higher at 1.0985, hovering close to fresh session highs of 1.0987 printed some minutes ago. Markets view every dip in the main currency pair as a buying opportunity so far, and therefore, take the pair higher in a bid to regain 1.10 handle.

Moreover, surprising positive German IFO survey also provided fresh impetus to the euro, lifting EUR/USD from a brief dip to 1.0960 region. The headline Ifo Business Climate Index came in at 108.3 points in July, after a reading of 108.7 seen a month before. Although the headline figures outpaced estimates of a 107.4 reading for the reported month.

Markets will continue to digest the latest macro date from the Euroland ahead of a data-quiet US calendar for today. Next of note for the major remains the US consumer confidence, new home sales and durable goods orders data lined up for release ahead of the FOMC decision due out later this week.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1000 (round number). A break beyond the last, doors will open for a test of 1.1028 (10-DMA). On the flip side, the immediate support is placed at 1.0953/50 (multi-week lows/ psychological levels) below which 1.0909 (June lows) could be tested.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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