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According to data published by the IFO institute, German consumers and entrepreneurs did not assess the current condition of the local economy, although the decline in the indicator slowed down, but it is difficult to regard it as a change in the trend.
The Ifo sentiment indicator increased slightly compared to the previous month, but still lower than analysts' forecasts. Ifo Business expectations in Germany in May were at the level of 98.5 against a forecast of forecast 99.5 (previously 98.7). The current analysis of the situation in Germany in May were at the level of 106 against a forecast of 105.5 (previously 105.7). The overall Ifo Business Climate indicator was released at the level of 102.2 against a forecast of 102.7 (previously 102.1).
In conclusion, these data are not particularly strong and mostly in line with expectations, so not much surprise can be attributed to the market behavior. It does not provide any of important clues regarding the future ECB monetary policy whatsoever.
Let's now take a look at the EUR/USD technical picture at the H1 time frame. The common currency after data from the largest European economy strengthens, but it took investors a moment to "digest" this information. EUR/USD overcomes the technical resistance slightly above 1.1700 but fails to follow through so far. Another significant resistance is seen at the yesterday's highs of 1.1750. If bulls will overcome this barrier, it will probably start playing on a Double Bottom pattern in a wider perspective. The oversold market conditions might help the bullish bias.
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