EUR/USD finds bids post-IFO, near 1.1790

After bottoming out near 1.1770, EUR/USD is now attempting to regain the 1.1790 area in the wake of the release of the IFO survey.

EUR/USD trims losses on data, looks to Draghi

The pair pared some losses after mixed results from the German IFO showed business expectations and business climate came in above estimates at 107.9 and 115.9, respectively. On the opposite side, current assessment missed consensus at 124.6 for the current month.

Earlier in the day, German GDP figures showed the economy expanded 0.6% QoQ during the April-June period and 0.8% on a yearly basis.

In the meantime, the pair keeps navigating familiar ranges around 1.1770/1.1800 ahead of key speeches by President M.Draghi and Chairwoman J.Yellen at the Jackson Hole Symposium later in the day.

According to strategists at TD Securities, “Anyone looking for Draghi to make an announcement on tapering at Jackson Hole this week is likely to be let down. Rather than looking for any clear direction from rates markets, we think that we’re more likely to see any disappointment reflected in EURUSD lower”.

Data wise in the US docket, July’s durable goods orders is only due later in the NA session.

EUR/USD levels to watch

At the moment, the pair is retreating 0.14% at 1.1784 and a breach of 1.1661 (low Aug.17) would target 1.1657 (5-month up trend) en route to 1.1611 (low Jul.26). On the other hand, the initial hurdle aligns at 1.1830 (high Aug.21) followed by 1.1846 (high Aug.11) and finally 1.1894 (high Aug.3).