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23 Feb 2015
EUR/USD drops to session lows post German data
FXStreet (Mumbai) - EUR/USD fell further into losses during the European session after below estimates German Ifo data showed that business conditions in Germany deteriorated in February.
EUR/USD slips from 1.1344 levels post German data
The EUR/USD now trades lower by -0.49% at 1.1327 levels, slipped to fresh session lows at 1.1315 levels immediately after the data release. EUR/USD slipped to lows after downbeat German Ifo business climate data numbers revealed that business conditions in the Euro area’s economic power house improved slightly than better than that recorded in January but fell below market expectations, dragging the shared currency lower.
The headline Ifo Business Climate Index rose to 106.8 during February, above the 106.7 booked in January, missing estimates of a 107.7 reading.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding Greece as the embattled country is due to present a list of reforms, confirming the extension deal reached on Friday last week.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1400 levels, above which gains could be extended to 1.1430 (Feb 20 High) levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.
EUR/USD slips from 1.1344 levels post German data
The EUR/USD now trades lower by -0.49% at 1.1327 levels, slipped to fresh session lows at 1.1315 levels immediately after the data release. EUR/USD slipped to lows after downbeat German Ifo business climate data numbers revealed that business conditions in the Euro area’s economic power house improved slightly than better than that recorded in January but fell below market expectations, dragging the shared currency lower.
The headline Ifo Business Climate Index rose to 106.8 during February, above the 106.7 booked in January, missing estimates of a 107.7 reading.
Meanwhile, EUR/USD is expected to remain pressured closely following events surrounding Greece as the embattled country is due to present a list of reforms, confirming the extension deal reached on Friday last week.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1400 levels, above which gains could be extended to 1.1430 (Feb 20 High) levels. On the flip side, support is seen at 1.1300 levels, below which it could extend losses to 1.1278 levels.