FXstreet.com (Barcelona) - German business confidence improved beyond expectations in November, reaching 93.9 points in November, its better reading in a year, from 92.0 in October. he Euro has picked up strength to bounce up from session lows.

EUR/USD has extended its recovery from 1.4880 intra-day low, with the Euro reaching levels around 1.4935 after Ifo data was released.

Next resistance levels lie at 1.4960/70, and above there, 1.5000 (Nov 23 high) and 1.5015 (Nov 16 high). On the downside, initial support levels lies at 1.4880 session low, and below here, 1.4830 (Nov 23 low) and 1.4795 (Nov 20 low).