EUR/USD unmoved at 1.0465 after German IFO

The EUR/USD pair held on to its tepid recovery gains for the second straight session but had a muted reaction to better-than-expected German IFO. 

Currently trading around 1.0465 region, the pair failed to gain any impetus from today's release of German IFO index that showed business confidence rose in December. In fact, German IFO business climate index for December rose to 111 from November's 110.4 and was better-than consensus estimates pointing to an up-tick to 110.6. Furthermore, the IFO expectations index also marginally beat expectations and came-in at 105.6 as compared to 105.5 expected and report in the previous month. 

The pair, however, remained virtually at the pre-release level, few pips away from session peak near 1.0480 region touched during early European session. 

Later during NA session, the flash version of Markit's US services PMI print for December would now be looked upon for short-term trading impetus. 

Technical levels to watch

Momentum above session peak resistance near 1.0480 is likely to get extended towards 1.0500 psychological mark above which the pair seems all set to head towards its next resistance near 1.0530-35 region. On the downside, sustained weakness below mid-1.0400s is likely to drag the pair back towards 1.0410 support area before eventually heading towards recent multi-month lows support near 1.0365 region.