EUR/USD Firm Near 1.1250 ahead of IFO
The single currency has started the week on a firmer note vs. the dollar, taking EUR/USD to the mid-1.1200s ahead of the opening bell in Euroland.
EUR/USD focus on IFO
Spot has managed to come back from overnight troughs near 1.1220 - the lowest level in the last three weeks - and it now seems to be stabilizing in the mid-1.1200s, posting daily tops so far and recovering some ground after last week’s sell-off.
Ahead in the session, the German IFO indicator is next on tap, with market consensus expecting a generalized albeit slight improvement during the current month. Moving forward, a very interesting calendar will put the greenback in centre stage, with the FOMC meeting being the salient event on Wednesday.
EUR/USD levels to watch
The pair is now up 0.19% at 1.1244 and a break above 1.1399 (high Apr.21) would target 1.1466 (2016 high Apr.12) en route to 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1216 (low Apr.22) followed by 1.1193 (55-day sma) and finally 1.1142 (low Mar.24).