EUR/USD soggy around 1.1850, German IFO eyed

Spot treads water around 1.1850.
Strong resistance seen in the 1.1860/80 band.
German politics and IFO stay as drivers.

Pablo Piovano FXStreet

The single currency is alternating gains with losses at the end of the week, with EUR/USD hovering over the mid-1.1800s for the time being.

EUR/USD attention to IFO

The pair’s march north remains unabated so far today, advancing for the third week in a row and trading at shouting distance from the critical resistance in the 1.1860/80 band.

EUR gained extra footing after concerns over the political scenario in Germany eased somewhat since Monday, while the persistent selling bias around the buck acted as the main driver for the pair’s up move.

Further out, EUR remained apathetic following the release of the ECB minutes on Thursday, where the majority of members inclined for an open-ended QE despite some others preferred to put an end date.

Ahead in the session, the German IFO indicator is due along with figures from the Italian industrial sector and Spanish producer prices. In addition, ECB’s V.Constancio and B.Coeure are also due to speak.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.1849 facing the next support at 1.1781 (10-day sma) seconded by 1.1765 (10-day sma) and finally 1.1713 (low Nov.21). On the upside, a breakout of 1.1861 (high Nov.15) would aim for 1.1882 (high Oct.12) and then 1.2033 (high Sep.20).

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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