The Euro pushed to an 8 month high against the US Dollar after the release of the IFO surveys in Germany. The Euro jumped 25 pips to touch 1.2415 on a spike as currency traders took in the better than expected IFO survey results. Business climate rose to 105.9
From the previously reported 105.4 and the expected 104.7. This was the highest reading since April 1991.The business assessment index, which measures current conditions, climbed to 106.4 from 105.1 in March and expectations of a modest decline to 104.8.The business expectations index fell slightly, however, to 105.5 from 105.7 the month before, but was above the consensus forecast of 104.5.

The Euro has settled down to trade just below the 1.2400 level. It would need a European session close above 1.2410 to get fx traders looking for a further move towards 1.2460 then testing resistance at 1.2490. If this were to be broken then forex traders would look 100 pips higher to test the September 2005 high at 1.2590. A break below 1.2325 would have the Euro bulls running for cover.