EUR/USD Stability Above 1.0900: German IFO Data Market Dynamics

٢٤ نوفمبر ٢٠٢٣

EUR/USD closed the second consecutive day in negative territory on Thursday but managed to stabilize above 1.0900 early Friday. S&P Global will release Manufacturing and Services PMI data for the US later in the day, but thin trading conditions on Black Friday could limit the pair's action ahead of the weekend.

After the pullback on the 61.8% Fibonacci level yesterday, the price had an initial reaction to the downside. However, during the Asian session, the price recovered from that bearish impulse and came back to the 61.8% level for a possible retest before potentially dropping again.

Data from Germany showed that the headline German IFO Business Climate Index improved to 87.3 in November from 86.9 in October. The Current Assessment Index edged higher to 89.4 from 89.2, while the Expectations Index rose to 85.2 from 84.8. Although these figures came in slightly below analysts' estimates, they had virtually no impact on the Euro's valuation.

In summary, we continue with our bearish idea as the break-even for the initial idea is done.



Below 1.0955 look for further downside with 1.0830 & 1.0780 as targets.