EUR/USD & German Ifo Business Climate: En route to 1.0900?
Today at 08:00 GMT will be released a key data for Germany, as we'll know the Ifo Business Climate for July and this would be an interesting event to pay attention following Brexit's outcome, as the last ZEW sentiment report gave hints that Brexit's referendum will play a role into the german economy's development for coming months. Numbers in recent months have been positive for Ifo, but a slight decline from 108.7 to 107.7 is expected by analysts.
The technical overview for EUR/USD at H1 chart is still calling for more downside after recent positive US data published. Also, the uncertainty around Eurozone's economy following “Brexit” is still alive. There is one bearish trend line projected from July 14th highs and the pair is consolidating below the 200 SMA. A breakout below the 1.0958 level (if Germany's data is dovish) will open the doors to reach the 1.0909 zone.