The euro is up against the major currencies after data from Germany
2018-09-24 10:27 am | Resource: News | No Views : 46
Business climate in Germany narrowed barely in September, according to the latest IFO report on Monday. The business climate index was at 103.7, barely below 103.8 in August.
The institute's economist Klaus Fulbras pointed out that there are growing doubts among companies despite the feeling of good business. The effects of trade barriers had so far been small.
According to the report, the current situation is still at the same level as the previous month, with the index at 106.4. Forecasts fell from 101.2 in August to 101.0 in September, according to the Munich-based institute.
EUR trades after German data
- The euro rose to 132.66 against the yen from a four-day low of 131.90. If the EUR rises further, 135.00 is likely to be seen as the next resistance levels against the JPY
- The euro rose to 1.1773 against the dollar, from a four-day low of 1.1724. If the euro rises further, it is likely that 1.19 will be seen as the next resistance levels against the dollar.
- The single currency climbed to a four-day high of 1.7654 against the New Zealand dollar. The euro is likely to find resistance at 1.79 against the New Zealand dollar.
- The single currency rose to a six-day high of 1.5231 against the Canadian dollar. The euro is likely to find resistance at 1.54 against the Canadian dollar
- The single currency rose to a high of 1.6182 against the Australian dollar. The euro is likely to find resistance at 1.63 against the Australian dollar
- The euro fell from 1.1250 against the franc, and the euro rose to 1.1288. The next potential resistance for the EUR appears around the 1.16 level.
- The common currency rebounded to 0.8975 against the pound, from a low of 0.8955 in Asian trading session. The EUR is experiencing a bullish resistance around the 0.91 level.
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move The alternative scenario is that the USDJPY retreated to level of…
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