EUR/USD around 1.1760 post-IFO

• Spot remained apathetic on IFO
• Attention should stay on ECB event on Thursday
• Rangebound likely very near term

The single currency is posting marginal gains vs. the buck on Wednesday, taking EUR/USD to the 1.1765/70 band in the wake of auspicious results from the German IFO survey.

EUR/USD unchanged on data

The pair is prolonging the sideline theme within the weekly range after the German IFO survey came in above expectations for the current month.

In fact, business expectations came in at 109.1, current assessment at 124.8 and business climate at 116.7, all surpassing both prior surveys and September’s readings.

Spot remains unable to gather traction and break the current consolidative pattern in either direction, as market participants stay cautious in light of the ECB meeting on Thursday, with QE ‘tapering’ in the centre of the debate.

Later in the session, new home sales and September’s durable goods orders are expected across the pond ahead of the weekly report on US crude oil stockpiles by the EIA.

EUR/USD levels to watch

At the moment, the pair is up 0.03% at 1.1765 and a break above 1.1858 (high Oct.20) would target 1.1882 (high Oct.12) en route to 1.1911 (high Aug.2). On the flip side, the next support is located at 1.1725 (low Oct.23) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17). In addition FXStreet’s technical confluence indicator (TCI) notes important resistance area around 1.1790/1.1801, where aligns the 5-day sma, 200-h sma and Tuesday’s top.