- Analytics
- News and Tools
- Market News
- EUR/USD to struggle to extend its advance on weak German Ifo survey
EUR/USD to struggle to extend its advance on weak German Ifo survey
Although EUR/USD seems to have steadied above 1.10, it could find it difficult to continue to push higher in case the data from Germany highlight the negative impact of the Russia-Ukraine conflict on business sentiment, FXStreet’s Eren Sengezer reports.
German Ifo survey could derail euro's recovery
“The Ifo Institute is expected to announce a deterioration in German business confidence. The Expectations Index is forecast to decline to 92 in March from 99.2 in February and the Current Assessment Index is expected to fall to 96.5 from 98.6. In case these data come in worse than analysts' estimate, the common currency could come under renewed selling pressure and vice versa.”
“1.1040 (Fibonacci 50% retracement of the latest downtrend) aligns as key resistance on the upside. In case this level turns into support, the pair could target 1.1080 (Fibonacci 61.8% retracement) and 1.11 (psychological level).”
“A four-hour close below 1.10 (psychological level, Fibonacci 38.2% retracement, 100-period SMA) could open the door for an extended slide toward 1.0960 (static level) and 1.0940 (Fibonacci 23.6% retracement).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
