The Single currency breaks above 1.17174 after a better than expected German IFO release coupled with easing trade war tensions between the EU and the U.S. Surprisingly, the German IFO printed at 101.7 compared to the expected 101.5 figure. Trump and Juncker also met yesterday and discussed tariffs between the U.S and Europe. The outcome of the meeting was positive with both stating that they will work towards easing the trade war rhetoric and possibly work towards a zero-tariffs trade deal on non-auto goods. For today, the Common currency will be guided by the ECB's press conference with expectations pointing towards a hawkish statement given the positive economic and political developments.
The pair broke above the 1.17174 resistance level pointing towards a possible break of the double top pattern and a rise towards the next major resistance level at 1.17900.
Support: 1.17174 1.16532
Resistance: 1.17500 1.17900