EUR/USD: Bearish Outlook After the German IFO Business Survey.

After the German IFO Business Survey was made public, Klaus Wohlrabe, an economist at the institute, expressed concerns about the German economy potentially stagnating in the second quarter. He stated that the German economy is treading water and highlighted a significant decline in expectations within the industry, particularly regarding exports. Wohlrabe's remarks suggest that the impact of rate hikes has started to dampen demand.

In response to this news, the EUR/USD currency pair exhibited a modest increase, with the exchange rate reaching 1.0782, representing a 0.12% gain for the day. Considering the information provided, our analysis leans towards a strong bearish continuation for the EUR/USD pair.

Trade closed: target reached

Trade closed: target reached: