This week the market was flat, most dollar pairs were traded in the narrow price ranges.
Despite the fact that Europe is influenced by the debt crisis and unemployment that is raging in the southern Europe, the euro has broken the barrier of 1.29 recently.
Today the German IFO survey was published. IFO business climate index was at 101.4, which was above expectations. This figure breaks a bearish dynamics of the survey, which ran from April.
In other news, the yen managed to recover some of its losses in recent days, although it is still in a very bearish trend and could have a sustainable medium brake at the 84.50/85. The yen hit a new low of 82.82 in seven months on the eve and could move on to the next bearish break of 82.50.
As for the British pound, it has a very attenuated upward trend and cycle indicators begin to show downward signs. The break of 1.59 will regain movement in that direction of the British currency during the American session.
The material has been provided by Instaforex Company - instaforex.com
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