Today at 09:00 GMT will be released the German IFO business climate and we can expect very little changes in terms of latest’s data. During November, the numbers proven that companies weren’t affected in huge terms by the victory of Donald Trump in the US elections, but analysts’ consensus are telling that such consequences should happen in the long-term and that seems to have logic, because Trump hasn’t taken his official duties and Brexit needs to be implemented and those two scenarios are expected to materialise in the next year. In terms of the German’s data, an increase to 110.7 from 110.4 could be seen today.
Our technical analysis for EUR/USD at H4 chart is still calling for more downside towards the parity zone in a long-term scenario, which is getting closer each day. However, a strong demand zone is located at the 1.0413 level, where buyers will try to push higher the pair to re-test the 200 SMA. Currently, EUR/USD is following a bearish channel and if the pair plunges below the 1.0413 zone, then it can test the 1.0178 level.
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Origin: FX BAZOOKA
