27.01 - will German data change anything for EUR/USD today?
- by Anna K.
And you thought euro volatility was behind us? No, unfortunately you were wrong. Even though today there is only one thing that can shake EUR/USD chart into losing position and even though we are much more focused on the situation developing in China, we still have to take today’s report seriously.
Today we are getting German Ifo Business Climate. It's a leading indicator of economic health - businesses react quickly to market conditions, and changes in their sentiment can be an early signal of future economic activity such as spending, hiring, and investment. So, as you can see we are getting a report pretty similar to what we have already got last week. But, the more of a picture we are getting, the more likely it is that we are going to walk into Brexit changes with a fuller picture and, as a result are going to be able to understand more about the future economic situation of both sides of the process.
So, right now euro is trying to nudge a little bit higher against the greenback. but will it have the power and confidence to do that later in the day? Will traders be able to withstand the pressure without selloffs? Only the chart can help us answer all of the questions.
The chart and high-quality trading signals.