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EUR/USD slid below 1.2850 on IFO, but not for long

FXStreet (Moscow) - EUR/USD made attempts to rebound before the IFO release reaching 1.2860 area. It moved below 1.2850 right after the report.

IFO in focus

The released IFO report showed mostly worse than expected numbers, as Expectations component came out at 99.3 vs 101.2, and Business Climate was 104.7 vs 105.7. The only positive development was noted from Current Assessment index (110.5 vs 110.2). It only confirmed the recent trend of worsening business environment that has been evolving since April, 2014. The pair came under slight pressure on the news sliding to 1.2847, however, the downside is limited by buers’ interest around this area, and the pair returned back to 1.2855 at the moment.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2864, with support below at 1.2826, 1.2805, and 1.2767, with resistance above at 1.2885, 1.2923 and 1.2944. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2903 and the daily 20EMA bearish at 1.2985. Hourly RSI is bearish at 49.

Germany: IFO – Business Climate drops a notch lower than expected in September

According to data published on Wednesday by the CESifo Group, German IFO – Business Climate decreased from 106.3 in August to 104.7 in September. Market consensus pointed to an fall to 105.7.
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