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The single currency extended gains in late Asian session, and broke above the 1.20 barrier.
- EUR/USD is holding above 1.1200 heading into the European Session, as markets await German IFO data
- Expectations are for the German Ifo index to decline in line with the German PMI and ZEW figures
- EUR/USD is currently trading at 1.2062, price action having been tested and rejected at cloud base by 1.1217
- Immediate support on the downside is located at 1.1200 (hourly lows Sept 24), and then at 1.1122 (55-Day MA)
- Any positive surprise from German data could boost snetiment, buoying the single currency higher
