EURUSD didn’t react much on the news as already trading at the daily low around 1.1125 as traders awaiting the main risk event later today when the ECB will announce its policy decision. On the downside there is one strong support left at 1.1106 the yearly low, which if breached the selloff can accelerate down to 1.10. On the upside immediate resistance stands at 1.1144 the 50 hour moving average while more offers will emerge at 1.1309 the 20 hour moving average.
The Germany IFO Business Climate came in at 95.7 below expectations of 97.1 in July, the IFO Current Assessment came in at 99.4 also below expectations of 100.4 in July. The IFO – Expectations came in at 92.2, below expectations of 94 in July.
EURGBP also unfazed by the news continues to trade in just 17 pips trading range at 0.8920. EURJPY trading close to daily low at 120.33 as the euro weakness spreads across the board.Don’t miss a beat! Follow us on Twitter.