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27 Aug 2013
EUR/USD flat ahead of IFO
FXstreet.com (Edinburgh) -The single currency is trading almost unchanged against the greenback on Tuesday, driving the EUR/USD to sub 1.3370 levels ahead of the German IFO series.
EUR/USD focus on IFO
Prior surveys expect the IFO series to extend the bullish momentum in Germany during August, improving in all of its components and adding to the EUR resilience in the top end of the broader range. “EUR/USD could see support if we are right in projecting an above-consensus rise in the Ifo expectations index”, noted Christin Tuxen, Senior Analyst at Danske Bank.
EUR/USD levels to watch
The pair is now up 0.01% at 1.3369 with the initial resistance at 1.3427 (high Aug.21) ahead of 1.3453 (high Aug.20) and then 1.3456 (high Feb.14). On the flip side, a breakdown of 1.3342 (61.8% of 1.2754-1.3452) would target 1.3333 (MA10d) en route to 1.3297 (low Aug.22).
EUR/USD focus on IFO
Prior surveys expect the IFO series to extend the bullish momentum in Germany during August, improving in all of its components and adding to the EUR resilience in the top end of the broader range. “EUR/USD could see support if we are right in projecting an above-consensus rise in the Ifo expectations index”, noted Christin Tuxen, Senior Analyst at Danske Bank.
EUR/USD levels to watch
The pair is now up 0.01% at 1.3369 with the initial resistance at 1.3427 (high Aug.21) ahead of 1.3453 (high Aug.20) and then 1.3456 (high Feb.14). On the flip side, a breakdown of 1.3342 (61.8% of 1.2754-1.3452) would target 1.3333 (MA10d) en route to 1.3297 (low Aug.22).