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EUR/USD trades weak despite strong German IFO data. It hit an intraday high of 1.17607 and is currently trading around 1.17283. Overall trend remains bullish as long as support 1.1670 holds.
Backed by little gains in current conditions (86.5 vs. 86.2) and six-month expectations (90.7 vs. 90.6), the Ifo Business Climate Index rose in July to 88.6 from 88.4 in June—its highest reading since May 2024 but shy of the 89.0 consensus. Manufacturing (-11- 8 vs. -13. 9) and construction (-14. 0 vs. -15. 1) sentiment improved, while services (2 7 vs. 3 8) and trade (-20. 2 vs. -19. 2) weakened further, highlighting uneven sectoral dynamics. President Clemens of Ifo. Although gloom is decreasing, Fuest pointed out that mixed performance and slow order backlogs indicate a slow and careful recovery in Europe's biggest economy.
The pair is holding above the 55 EMA, above the 200 EMA, and the 365 EMA in the 4-hour chart. Near-term resistance is seen at 1.1760; a break above this may push the pair to targets of 1.1780/1.1800/1.1835/1.19090/1.1956/1.200. On the downside, support is seen at 1.1700; any violation below will drag the pair to 1.1670/1.1600/1.155.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bullish
Average Directional Movement Index (ADX) - Neutral
It is good to buy on dips around 1.1720 with a stop-loss at 1.1665 for a target price of 1.1835.
