German Ifo Business Climate Index (Oct) declines to 103.2 , EURUSD remains under pressure !

EURO data
EURO data

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.

Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.

Frequency: Released monthly, around 3 weeks into the current month.

Last Read :104.7

Expectations : 104.3

Actual : 103.2

Volatility : High Volatility

Market Impact :A reading below 103.9 is likely to bring bearish move .

Technical Outlook : Intraday outlook in EURUSD remains neutral at the moment , support comes at 1.2640 levels while resistance comes at the 1.2695 levels.On the downside , losing the 1.2640 levels on a 4 closing basis will open the 1.2500 levels , further losses will pave the way towards the 1.2389 levels .On the upside , a clear break above  the 1.2695 levels on a 4 hour basis , will extend rebound towards the 1.2740/1.2760 levels before the next move !!!

Overbought zone : 1.2695/1.2760 (Note that the pair has broken above the 1.2695 levels , but failed to hold gains above this level).

Support and resistance : 1.2500 , 1.2570 , 1.2640 , 1.2695 , 1.2760 , 1.2840 , 1.2886

Conclusion : since both of daily and weekly time frames are down , strategy remains selling the pair at resistance levels.

 

German Ifo Business Climate Index (Oct) declines to 103_2

MARKET DATA

UPCOMING ECONOMIC EVENTS