EUR/USD bid above 1.1030 ahead of German IFO

Monday, 25 November 2019 15:53 WIB



The single currency has started the week on a better mood and is now helping EUR/USD to regain some poise and test the 1.1030 region.

After three consecutive daily pullbacks, the pair is now managing to regain some buying interest and is moving closer to the key 55-day SMA in the 1.1040 region amidst some renewed offered tone in the buck and lack of fresh headlines from the US-China trade front.

In the docket, investors will be closely following the release of the German IFO for the current month in search of some improvement (if any at all) in the German morale. Later in the week, November’s advanced inflation figures in Germany and the broader Euroland should keep the EUR in centre stage. Across the pond, the Chicago Fed index is only expected later in the NA session.

EUR/USD levels to watch

At the moment, the pair is gaining 0.12% at 1.1031 and faces the next hurdle at 1.1083 (100-day SMA) followed by 1.1097 (monthly high Nov.21) and finally 1.1171 (200-day SMA). On the downside, a break below 1.0989 (monthly low Nov.14) would target 1.0925 (low Sep.3) en route to 1.0879 (2019 low Oct.1).

Source : Fxstreet


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