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Forex pairs in this Article » EUR/USD (Edinburgh) - The shared currency is now looking to consolidate its recent gains, taking the EUR/USD in a sideline pattern around 1.3510/15.

EUR/USD boosted by German data

The pair has seen a return above the 1.3500 handle after the positive data from the German GDP figures during the third quarter and the upbeat results from the IFO indicator, surprising investors to the upside and confirming the solid recovery and better economic prospects in the country. Tim Davis, Global Strategist at TD Securities, observed, “This should leave the ECB more comfortable with keeping policy on hold in December, since at least German growth appears to be holding up okay. In other news, the ECB announced that banks would repay €7.92bn of 3-year LTRO funds. This is a slightly higher payment than we have seen recently but shouldn’t be particularly market moving”.

EUR/USD levels to watch

The pair is now up 0.34% at 1.3516 with the next resistance at 1.3546 (MA21d) ahead of 1.3584 (high Nov.20) and finally 1.3589 (high Nov.1). On the flip side, a breakdown of 1.3460 (MA10d) would open the door to 1.3399 (low Nov.21) and then 1.3393 (daily cloud base).
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