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EUR has acted in the opposite to the positive IFO news. It was partially expected because the pair was overbought, partially by profit taking. Todays' FOMC minutes have risen little volatility. Such market reaction provides no clear direction for a further currencies action. It's fair to expect EUR to continue a slow climbing on political uncertainty until a new piece of clear guidance from any financial authority comes to the wires. I would expect EUR to reach the first clear resistance at 1.13 and then at 1.14. 
