This morning, the pleasant surprise comes from Germany. According to the Institute of Economic Research and Forecasting German (Institut für Wirtschaftsforschung), index Ifo business climate emerged at 106.2 points as of July, against 101.8 points in June, and 101 5 anticipated by economists. The reaction on the foreign exchange market did not wait, the euro has appreciated sharply against the dollar.
Nevertheless, the nervousness is still palpable on Friday on financial markets, who are eagerly awaiting the results of the infamous "stress tests", scheduled for late afternoon (around 18 hours a priori). An exercise that should not reveal major surprises and may even reassure analysts said Paris pretty confident before the verdict.
Around 12:30 the spot is approximately $ 1.2940.
From a graphical perspective, the momentum remains bearish in the medium term. However, exceeding the $ 1.31 invalidate our scenario and then propel cross towards $ 1.3511.
Yesterday the currency pair euro / dollar moved in a downward channel (visible in black on the chart given daily). But it was invalidated. The potential output channel which is around the $ 1.2967 was reached.
Hourly data chart:
Daily data chart:
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