EUR/USD unchanged near 1.0970, IFO eyed

The single currency is trading almost unchanged at the beginning of the week, with EUR/USD navigating the 1.0970 area ahead of the European open.

EUR/USD focus on IFO

The pair has abandoned the area of overnight lows in the mid-1.0900s, gaining some pips along with a more favourable sentiment towards the riskier assets and some profit taking mood removing tailwinds from the USD-rally.

Next on tap will be the German IFO, with consensus seeing both Business Climate and Business Expectations easing some ground for the current month. Across the pond, the Dallas Fed Manufacturing index is only expected.

EUR/USD levels to watch

The pair is now losing 0.04% at 1.0972 facing the immediate support at 1.0913 (post-Brexit low Jun.24) ahead of 1.0820 (low Mar.10) and then 1.0777 (low Jan.21). On the other hand, a breakout of 1.1062 (20-day sma) would target 1.1076 (200-day sma) en route to 1.1166 (high Jul.14).