25 Oct 2013
EUR/USD keeps highs pre-IFO
FXstreet.com (Edinburgh) -The shared currency remains well bid above the 1.3800 handle on Friday, with the EUR/USD now consolidating recent gains ahead of the key German IFO due later.
EUR/USD focus on IFO
The pair is navigating the area of almost 2-year highs around 1.3820 while market participants wait for the release of the German IFO indicator. Prior surveys expect improvements in all of its components, which could give extra fuel to the current EUR rally. Across the pond, the critical Durable Good Orders and the Consumer Sentiment gauged by the Reuters/Michigan index will be in the limelight. “The bias here remains positive for 1.3865 after the corrective dip to 1.3739 and only a violation of the latter will signal a reversal of the bullish sentiment”, noted Stoyan Mihaylov, Analyst at DeltaStock.com
EUR/USD levels to watch
The pair is now advancing 0.11% at 1.3817 with the next resistance at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22).
EUR/USD focus on IFO
The pair is navigating the area of almost 2-year highs around 1.3820 while market participants wait for the release of the German IFO indicator. Prior surveys expect improvements in all of its components, which could give extra fuel to the current EUR rally. Across the pond, the critical Durable Good Orders and the Consumer Sentiment gauged by the Reuters/Michigan index will be in the limelight. “The bias here remains positive for 1.3865 after the corrective dip to 1.3739 and only a violation of the latter will signal a reversal of the bullish sentiment”, noted Stoyan Mihaylov, Analyst at DeltaStock.com
EUR/USD levels to watch
The pair is now advancing 0.11% at 1.3817 with the next resistance at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22).