• Data released earlier today showed that German Business Expectations, Current Assessment and Business Climate have all missed expectations for the current month.
   
• The headline German Ifo Business Climate figure came in at 106.6 points in April versus 106.7 seen in March, and opposed to expectations of 107.1.
   
• The Ifo Current Assessment sub-survey, indicating current conditions in Euro zone’s most powerful economy, dropped to 113.2 points, below last month's 113.8 and estimates at the same level. 
   
• While the Ifo Expectations Index, indicating firms' outlook for the next six months, grew to 100.4 points, beating the previous figure of 100, while the markets had predicted a 100.9 reading.
   
• Upside in the pair gained traction despite poor German IFO data which has surprised markets to the downside today.
   
• But post IFO the pair spike to hit session highs at 0.7809. Gains are not sustainable, major moving averages are biased lower, momentum studies are bearish.
   
• Immediate supports are located at 0.7735 (March 14th lows), 0.7683 (110 EMA) and 0.7645 (cloud base). On the upside, resistance is seen at 0.7826 (55-EMA) and 0.7842 (5-DMA).