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22 May 2015
EUR/USD: focus remains on the German IFO Survey – InvestingBetter
FXStreet (Barcelona) - Alpesh Patel of InvestingBetter, notes EUR/USD price action will depend on the release of the German IFO data, while technicals support a correction towards 1.12 area.
Key Quotes
“From a technical perspective the Euro still has the opportunity to correct to the upside mainly due to two factors: the 1.1100 area proved to be an area of sufficient support that arrested the currency’s decline earlier in the week and at the same time the momentum that drove the Single currency lower seems to have died away.”
“So even though we don’t think there’s any fundamental reason for the Euro to move higher we cannot exclude a technical correction towards the 1.1200 area. This will ultimately come down to the release of the IFO Survey this morning, the report is expected to print lower than last month so even though the technical indications suggest a correction the Euro might end up spending the day between 1.1100 and 1.1150.”
Key Quotes
“From a technical perspective the Euro still has the opportunity to correct to the upside mainly due to two factors: the 1.1100 area proved to be an area of sufficient support that arrested the currency’s decline earlier in the week and at the same time the momentum that drove the Single currency lower seems to have died away.”
“So even though we don’t think there’s any fundamental reason for the Euro to move higher we cannot exclude a technical correction towards the 1.1200 area. This will ultimately come down to the release of the IFO Survey this morning, the report is expected to print lower than last month so even though the technical indications suggest a correction the Euro might end up spending the day between 1.1100 and 1.1150.”