May 072013
1/25/2013 German IFO Business Climate (0400 EST)
Forecast: 103.1
Actual: 104.2
Previous Revision: n/a
INDECISIVE
Started @ 1.3431 (0401)
1st Peak @ 1.3414 – 0402 (1 min)
17 ticks
Reversal to 1.3440 – 0402 (1 min)
26 ticks
Notes: The reading came in 1.1 points above the forecast to impress, but was delayed 1 min in the release. This caused an indecisive reaction most likely because the market was overbought having sustained a runup of about 70 ticks in the previous 2+ hrs. We saw a quick drop of 17 ticks, then a rebound of 26 ticks to stop us out. After the indecisive :02 bar, it chopped higher, but had to contend with the R2 Pivot.