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.