EUR/USD hits fresh highs ahead of IFO survey

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The EUR/USD received a boost and climbed to fresh daily highs at the beginning of the European session as investors await the release of Germany's IFO survey.



However, the euro has been quite resilient to economic data lately. Yesterday, disappointing Eurozone PMIs, dovish commentary from ECB's Nowotny and higher-than-expected US existing home sales made little impact on the EUR/USD, which spent most of the day oscillating around 1.3600. As for the IFO survey, consensus for the headline Business Climate points to a tenth consecutive fall from 110.4 to 110.2.



EUR/USD technical levels



At time of writing, the EUR/USD is trading at the 1.3605 area, having hit a high of 1.3611. As for technical levels, immediate resistances could be found at 1.3612 (Jun 23 high), 1.3633 (Jun 20 high) and 1.3642 (Jun 19 high). On the flip side, supports could be found at 1.3590 (20-day SMA), 1.3575 (10-day SMA) and 1.3563 (Jun 20 low).



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