The German Ifo business climate report released on Monday saw the index slipping for the third consecutive month. Data showed that the index fell to 97.4 in June compared to 97.9 in May. The data comes on the back of the German Bundesbank signaling that growth could contract in the second quarter of the year. The euro, however, brushed aside the data as it rose to test the $1.1400 handle.
Can the EURUSD Post Further Gains?
The currency pair has been rather bullish over the past week. However, as it approaches the $1.1400 handle, we could expect to see some pullback in price. The near term support is at 1.1339 which could hold any short term declines. Price will need to convincingly close above the 1.1400 handle in order to confirm further upside. The next main target to the upside is at 1.1541.
