FX.co ★ EUR/USD: Accumulation or Distribution? 0.97 As Key Resistance

The EUR/USD pair rebounded today after reaching the 0.9552 level. Now, it stands at the 0.9666 level and seems undecided. The price turned to the upside only because the Dollar Index was in a small correction after its strong rally.

Fundamentally, the euro took a hit from the German ifo Business Climate today. The indicator was reported at 84.3, far below the estimate of 86.9 and compared to the 88.6 points in the previous reporting period. In addition, Belgian NBB Business Climate came in worse than expected as well.

Also, ECB President Lagarde's remarks could weaken the euro. Tomorrow, the US Durable Goods Orders, Core Durable Goods Orders, and the CB Consumer Confidence could be decisive.

EUR/USD Retests Sellers