EUR/USD unchanged around 1.1220 ahead of IFO

The single currency keeps the narrow range vs. the greenback at the beginning of the week, taking EURUSD to the 1.1220/30 band.

EUR/USD now looks to IFO

The pair is looking to extend last week’s positive momentum beyond the 1.1200 handle, although it remains confined to a tight range amidst generalized lack of direction in the global markets.

Data wise in the Old Continent, the German IFO is expected to improve in all of its components for the current month followed by the speech of President M.Draghi and board member E.Nowotny.

Across the pond, New Home Sales and the Dallas Fed index along with the speech by FOMC’s Tarullo will be in the limelight later in the NA session.

EUR/USD levels to watch

The pair is now up 0.03% at 1.1230 and a break above 1.1258 (high Sep.22) would aim for 1.1272 (resistance line off 2016 high) and finally 1.1329 (high Sep.8). On the flip side, the immediate support lines up at 1.1119 (low Sep.21) followed by 1.1043 (low Aug.5) and then 1.0950 (low Jul.25).