The German Ifo Business Climate Index falls 59.9, from 96.3. Misses forecasts of 97.0. This development keeps the pair under pressure. Immediate support comes at 1.0990 levels. A halt is likely, but a cut would open 1.0930 levels.

On the upside, immediate resistance comes at 1.1045 levels ( broken support turned resistance). Stability below this level will keep the pair under heavy pressure. Any rebound to 1.1045 is a selling opportunity. However; sustained trading – daily closing – above 1.1045 will bring limited recovery to 1.1085 levels…

In conclusion: The EURUSD remains under pressure below 1.1045 levels…

Support:1.0990, 1.0930, 1.2890, 1.2840, 1.0780

Resistance: 1.1045, 1.1085, 1.1141, 1.1170, 1.1228

Later on, the U.S will report on New Home Sales (Dec) at 15:00 GMT. The forecast is to rise by 730K, from 719K a month earlier.

German Ifo Business Climate Index Down In Jan