Today, the German IFO surveys are set to be released at 8 GMT. The IFO business climate index is expected to be 115.2 in Oct, while the IFO expectation index showing Firm’s projection for the following 6 months is very likely to be at 107.3 in October. Haresh Menghani, Analysts at FXStreet noted: “Immediate resistance remains near the 1.1800 handle, above which a bout of short-covering could lift the pair towards a descending trend-line resistance near the 1.1830 region ahead of 50-day SMA supply zone near the 1.1845-50 zone.” “Alternatively, a sustained weakness below 1.1725 area might turn the pair vulnerable to break below the 1.1700 handle and head towards testing an important horizontal support near the 1.1670-60 region, also coinciding with 100-day SMA,” Haresh added.
