EUR/USD holds gains near key resistance above 0.99. Scotiabank economists They report that the pair could gain more positive momentum to regain parity.
The Ifo highlights the risk of recession
“Germany’s Ifo survey revealed slightly firmer-than-expected business confidence in October; the index fell only marginally from September’s upwardly revised 84.4 to 84.3. Expectations data was also slightly better than expected (75.6 ) and up a fraction from the September reading, but the combination of a weak current assessment and expectations clearly point to recession risks in Germany.”
“We think gains above 0.9900/10 should allow for a test of the main trend (from Feb high) at 0.9935/40. Regaining 1.00+ would add to the positive short-term technical tone.”
“Support at 0.9810/15”.
Source: Fx Street
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