The Single currency trades around the 1.16248 resistance level awaiting the economic release of the German Ifo Business Climate Index. On Friday, the Euro ended the day on a positive as Fed Chair Powell announced that the Federal Reserve does not believe the U.S economy is overheating and thus will not raise interest rates aggressively but rather gradually. The weakening U.S Dollar was not sufficient to help the Single currency break above the mentioned resistance level as investors await economic strength from Europe itself to pump the currency higher. The market expects the Ifo index to print at 101.9, an increase compared from last month's number.
The Common currency is currently trading between the 1.15869 support level and the 1.16527 resistance level. Traders are currently indecisive on the future direction of the pair as they await the release of the German Ifo Business Climate Index. A positive reading will help the pair break above the resistance level, whereas a negative reading will allow the pair to break below the 1.15869 support level.
Support: 1.15869 1.15263
Resistance: 1.16527 1.17228