The Euro dropped after German IFO Business Climate declined for the first time in 11 months. German IFO Business Climate came out 95.2 versus 96.2 expected. German Chancellor Angela Merkel criticized recent speculations against the Euro. Overall, EUR/USD traded with a low of 1.3497 and a high of 1.3692. EUR/USD has failed to remain above the 1.3650 resistance level, and a continuance of the main downtrend below 1.35 is likely. Today, Gfk Consumer Climate is expected slightly lower with 3.1 versus 3.2 prior. Industrial New Orders are expected with -1.1% versus 2.7% prior.

EUR/USD - Last: 1.3600

Resistance

1.3575

1.3625

1.3675

Support

1.3485

1.3455

1.3400

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