The German Ifo Business Climate Index rates the current German business climate and measures expectations for the next six months. It is a composite index based on a survey of manufacturers, builders, wholesalers and retailers. The index is compiled by the Ifo Institute for Economic Research.
The indicator has declined to 104.7 , below expectations 105.7 , EURUSD is set to fall…
Outlook in EURUSD remain on the downside as long as resistance 1.2900 /1.2930 holds on a daily closing basis , support comes at the 1.2815 levels , losing this level will open 1.2735 next , further losses will pave the way towards the 1.2620 levels head of the 1.2500 levels..
On the upside , resistance comes at the 1.2900 levels ahead of the 1.2930 levels , above the 1.2930 would weaken the current bearish run for retesting the 1.3000 levels before the next fall..
In all as long as resistance 1.2930 holds on a daily closing basis , outlook in EURUSD remains on the downside towards the 1.2730 levels and possible lower towards the 1.2620 levels, above the 1.2930 will bring small recovery towards the 1.3000 levels before the next fall.
Conclusion : The pair is under pressure , with negative release , more losses are expected , any correction to the upside should be limited by resistance levels (Intraday resistance 1.2880) , anyway , below 1.2815 will accelerate the bearish move towards the 1.2735 levels , later on the day , pay attention to US New Home Sales at 14:00 GMT , above 430K will accelerate the bearish move and build more pressure on the pair , below 430K will bring rebound to the nearest resistance before the next fall…will update the pair later …..