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Forex pairs in this Article » EUR/USD (Edinburgh) -Some selling interest is now weighing on the EUR/USD after the German IFO series disappointed investors, dragging the pair to the area of 1.3810.

EUR/USD weaker on IFO

The pair lost some pips from tops near 1.3830 to the vicinity of 1.3810 soon after the release, although is now on its way to previous levels. It is worth noting that all of the IFO components came in below the median and September readings. Further data in the euro area showed the M3 Money Supply expanding at an annual pace of 2.1% vs. August’s 2.3 and Private Loans contracting 1.9% over the last twelve months in the same period. Italian Retail Sales came in better, growing 0.2% on a yearly basis vs. the 0.9% contraction registered in the previous month. The US docket is next, with Durable Goods Orders and the Reuters/Michigan index.

EUR/USD levels to watch

The pair is now advancing 0.12% at 1.3819 with the next resistance at 1.3832 (2013 high Oct.25) ahead of 1.3826 (high Oct.24) and finally 1.3859 (high Nov.11 2011). On the flip side, a breakdown of 1.3741 (low Oct.23) would open the door to 1.3700 (psychological level) and finally 1.3662 (low Oct.22).
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