EUR may drop again on bad IFO numbers

FXStreet (Łódź) - Independent Analyst Vladimir Mihaylov notes that the EUR is continuing consolidation below 1.3600, and yesterday's attempt to break that resistance has failed because of the worse than expected PMI data.

Key quotes

"Today the IFO data will be released and if it is also worse like yesterday's then the EUR may drop again to 1.3550 or 1.3510."

Currently the price is above the H4 negative cloud and going deep below it is not likely."

"Recovery to the upside will continue once the price is above 1.3600, until that one or several downside tests may appear. Daily close below 1.3550 may kill the recovery process."