EUR/USD extends the rebound to 1.1650 on IFO
- The pair finds support in the 1.1630 region for the time being.
- German IFO survey came in mixed for the current month.
- Later in the NA session, US New Home Sales are also due.
The shared currency appears to have found some support in the 1.1630 region vs. the greenback earlier in the session and is now lifting EUR/USD back to the mid-1.1600s.
EUR/USD reverts the drop
The pair reclaims the 1.1650 area after the German IFO survey came in mixed for the current month.
In fact, German Business Climate matched expectations at 101.8, Current Assessment came in below estimates at 105.1 and Expectations surpassed consensus at 98.6.
In the meantime, spot continues to navigate a narrow range at the beginning of the week against the backdrop of persistent unease surrounding the trade dispute between the US, China and the EU.
Later in the NA session, New Home Sales for the month of May are only expected.
EUR/USD levels to watch
At the moment, the pair is losing 0.01% at 1.1652 and a breakdown of 1.1509 (low Jun.21) would target 1.1508 (2018 low May 29) en route to 1.1479 (low Jul.20 2017). On the flip side, the next hurdle is located at 1.1672 (21-day sma) seconded by 1.1677 (high Jun.22) and finally 1.1718 (low Dec.12 2017).