EUR/USD shrugs off IFO miss

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The EUR/USD pulled back from daily highs only to bounce to fresh daily highs, after a survey on Business Climate in Germany declined more than expected in June.



The IFO survey showed Business Climate deteriorated more than expected in June. The index fell to 109.7 from 110.4 the previous month, missing expectations of 110.2. This was the tenth decline in a row.



The EUR/USD dipped below 1.3600 and slid to 1.3593 as knee-jerk reaction to data, but the euro managed to shrug off disappointment and rebounded toward fresh daily highs against the dollar. At time of writing, the pair is trading at 1.3610, having reached a daily peak at 1.3615 so far.



EUR/USD levels to watch



In terms of technical levels, immediate resistances could be found at 1.3615 (Jun 24 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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