German IFO Business Climate beats with 117.5 – EUR/USD extends gains

The IFO business climate reaches a new high of 117.5, significantly better than 116.6 expected. The Business Expectations component hits 111 points, also beyond early predictions and only the Current Assessment number is somewhat short of predictions with 124.4. The upbeat data is in line with other figures.

EUR/USD is extending its gains, reaching above the resistance line at 1.1860. The break is not confirmed yet. The high so far is 1.1865. Update: the new high is 1.1872. Will the pair tackle the resistance line at 1.1910?

Here is the move on the euro/dollar chart. We are seeing a clear break.

Germany’s No. 1 Thnk Tank, IFO, was expected to report a minor dip in its headline business climate measure: 116.6 in November after 116.7 in October. The Business Expectations component was predicted to slide from 109.1 to 108.9. The Current Assessment measure was projected to pick up from 124.8 to 125 points.

EUR/USD held its gains seen yesterday and traded just under the resistance line at 1.1860. Further resistance awaits at 1.1910 and 1.20. Support is at 1.1820 and 1.1760.

EUR/USD advanced yesterday due to 3 reasons. All in all, euro-zone figures are looking good and this is supportive of the single currency.

Here is the 30-minute chart:


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