Currencies  |  February 22, 2013 10:15:00

EUR / USD no reaction to a good result Ifo index German confidence in the business environment was in February 10měsíčního maximum. Today's Ifo index climbed up to 107.4 points (above the estimates of analysts) and showed that the euro zone's largest economy growing. Munich-based Ifo institute performs monthly survey of 7,000 businesses. Index rose for the fourth consecutive month. Ifo Business Climate index jumped to 10-month maximum 107.4 points from 104.3 points after a slight revision of the data for January.

At the same time as the sharpest monthly increase since July 2010. Ifo index as part of a series of positive data from the ZEW index Tuesday.The potential growth of the German economy in 2013 was confirmed by indexes of purchasing managers in manufacturing and services (PMI), which reached over 50 points, which is the boundary between expansion and recession, as well as those (PMI), indicating that the expansion in Germany.

German Central Bank (Bundesbank) announced this week that Germany is expected to return to economic expansion, after a poor last quarter of 2012 (a drop of 0.6 percent, although weaker trade performance outweighed the benefit of domestic demand). The European Central Bank (ECB) predicts the euro area in 2013 contraction of 0.3 percent for the especially Italy and Spain, a country with a long-term holding in a recession.

EUR / USD failed to encourage or good result Ifo index. Still traded under increasing trend line, which currently serves as a resistance.On hourly price chart yet struggles with growth and so we expect continued sales. This would accord well as the position and the stochastic oscillator. The nearest support is the price of 1.3150.

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