Thursday, September 24, 2015

EUR/USD flirting with 1.1200, IFO on sight

FXStreet (Edinburgh) - The single currency keeps its gains vs. the greenback on Thursday, lifting EUR/USD to session tops near 1.1220 ahead of the European open.

EUR/USD eyes on IFO

Recent ECB chatter ruling out the need of a modification of the current QE programme plus the steady stance from Mario Draghi in his speech before the European Parliament on Wednesday has given extra wings to the single currency, prompting spot to regain the 1.1200 mark and beyond.

The second half of the week appears more colourful in the data space at least. German consumer confidence tracked by the Gfk survey has eased a tad for the month of October, while the more relevant IFO indicator is due later, although consensus warns of a lower reading for the current month.

EUR/USD levels to watch

As of writing the pair is advancing 0.17% at 1.1205 and a breakout of 1.1219 (high Sep.24) would aim for 1.1330 (high Sep.21) and then 1.1373 (high Sep.14). On the other hand, the next support aligns at 1.1163 (low Sep.24) ahead of 1.1105 (low Sep.23) and finally 1.1089 (low Sep.4).
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