Ahead of German Ifo
Christophe Chevalier July 27, 2020 6:49 AM
Later today, Germany's IFO Business Climate Index for July will be expected at 89.3.
Later today, Germany's IFO Business Climate Index for July will be expected at 89.3 and Expectations Index will be awaited at 93.4 expected.
On Friday, EUR/USD advanced at a level last seen in September 2018 as the Markit Eurozone Manufacturing PMI (preliminary reading) jumped to an expansion number of 51.1 in July (50.1 expected), and the Services PMI bounced to 55.1 (51.0 expected).
From a technical point of view, on a 30-min chart, EUR/USD remains on the upside and is supported by its rising 50-period moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1655. The nearest threshold would be set at horizontal resistance at 1.1735 and a second one would be set at 1.1760 in extension.
Source: TradingView, GAIN Capital
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