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The business climate indicator rose after six consecutive shrinks. The Ifo Business Climate Index for industry and trade in German rose to 104.70 from 103.20 points in October. The manufacturing sector gives a big thumbs up in the export business. The Euro gained 80 pips in yesterday's session, closed at days high. The pair managed to held at the previous low and gave strong close. The further outlook on the Euro is still bearish because of easing. We recommend fresh selling below 1.2350 with the targets at 1.2320, 1.2300, 1.2250, and 1.2226. In case if the prices close below 1.2226, it can extend its fall up to 1.2100. Now the focus shifts on Thursday heavy economic data. German and Spanish CPI data and OPEC meeting are the key attraction of this week ahead. There is a lot of uncertainty in the fall in oil prices.
Today the pair opened on a bearish note, unable to breach the previous high at Asia's session. The pair has been facing strong resistance in broken support trend line. In case if the prices manage to stay above 1.2445, then they can aim up to 1.2490 20Dsma. We still recommend the same strategy, use every rise to sell. Until the prices close below 1.2490, use every rise to sell.
Trade: Strong selling will emerge below 1.2320.
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