In Germany, the IFO business climate index rose to 93 in May, compared with 91.8 in April and 92.1 expected. The current conditions sub-index stood at 99.5, compared to 97.5 expected and after 97.2 the previous month. The Outlook sub-index was 86.9, compared to 86.7 a month earlier and 87.3 expected.
EUR/USD is up this morning
The currency pair has pushed above a declining trend line...
The 20/50MAs validated a bullish cross
The RSI (14) is bullish and doesn't show any reversal signal.
Suggest Long positions above 1.0580 with targets at 1.0635 & 1.0660 in extension..
Below 1.0580 look for further downside with 1.0555 & 1.0530 as targets.
- 00:01:05
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