7/24/2012 German IFO Business Climate (2200 HI time / 0400 EDT)
Previous Revision: -0.1 to 105.2
Started @ 1.2096
1st Peak @ 1.2083 – 2201 (1 min)
Reversal to 1.2137 – 2221 (21 min)
Notes: The reading came in 1.5 points under the forecast to disappoint. This caused a 13 tick short spike on 1 bar that crossed the 100 and 200 SMAs, then bottomed at the PP Pivot. With all the support barriers, the drop was unsustainable as it rebounded to close the bar near the origin. With JOBB you would have filled short at about 1.2090 with no slippage. Look to exit with about 4-5 ticks at the 200 SMA where it hovered for 8 sec before reversing. It then reversed for 54 ticks, crossing the 50 SMA, the R1 Pivot, and extending the HOD by 9 ticks. After that it continued trading near the HOD, chopping sideways.