IFO Business Climate Index is expected to come weaker and this will put EUR under pressure.
The support rests at 1.16280 with resistance at 1.16760 which both lines are above the weekly pivot point at 1.16150. The EMA of 10 is moving with bullish bias in the ascendant channel and it is below the EMA of 200 and the EMA of 100. The RSI is falling towards the 50 level, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing sell signal.
The price may grow towards 61.8 level of Fibonacci at 1.172 but then it might continue its bearish trend towards 1.16.
