EUR/USD : German IFO below estimates
Jean-Christophe Rolland September 24, 2020 9:30 AM
The German business climate slightly bounced but less than expected.
German IFO business climate index increased to 93.4 in September from 92.5 in August but remained below expectations. The sub-indexes regarding expectations and current assessment did the same move.
From a technical point of view, on a daily chart, EUR/USD has broken below a key support at 1.1700, in place since late July. The RSI is negatively oriented in bearish territory. As long as the 1.1850 resistance is not broken, readers may therefore consider further downside towards next supports at 1.1600 and 1.1500 in extension.
Source : TradingView, GAIN Capital
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