EUR/USD fades the spike above 1.1200 on IFO

Pablo Piovano FXStreet

The single currency keeps hovering over the 1.1200 handle vs. the buck on Monday, with EUR/USD briefly testing highs around 1.1210 before deflating.

EUR/USD unchanged on upbeat IFO

The pair is holding on to its daily gains in the 1.1200 neighbourhood after the German IFO surprised markets to the upside today, with business expectations, current assessment and business climate all coming in above initial estimates for the current month.

The better tone in the pair is initially deriving support from the lack of a clear direction in the buck, although the upbeat momentum in US yields prompted sellers to cash up earlier gains.

On the other hand, recent performance from traders in EUR futures markets could hint at the likeliness of further gains in the near term. Initial and tough resistance still lies in the low-1.1200s, however.

From the positioning view, EUR speculative net longs have retreated to 5-week lows in the week ended on June 20, according to the latest CFTC report.

In the data universe, May’s durable goods orders are only due in the US docket later today.

EUR/USD levels to watch

At the moment, the pair is gaining 0.04% at 1.1199 facing the next up barrier at 1.1208 (high Jun.26) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9). On the other hand, a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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