10/27/2014 German IFO Business Climate (0500 EDT)
Forecast: 104.6
Actual: 103.2
Previous Revision: n/a
SPIKE / REVERSE
Started @ 1.2699
1st Peak @ 1.2689 – 0500:13 (1 min)
10 ticks
Reversal to 1.2711 – 0503 (3 min)
22 ticks
2nd Peak @ 1.2687 – 0533 (33 min)
12 ticks
Reversal to 1.2694 – 0554 (54 min)
11 ticks
Notes: The reading came in 1.2 points below the forecast to mildly disappoint traders. This caused a bizarre overall reaction that had a :59 bar climb, :00 bar fall, then the report caused a 10 tick short move that crossed all 3 Major SMAs and the R1 Pivot. With JOBB, you would have filled short at about 1.2694 with 1 tick of slippage, then seen it fall to hover around 1.2692 midway through the :31 bar. Look to exit there for about 2 ticks since it crossed heavy support. After the peak, it reversed strongly for 22 ticks in 2 min to the R2 Mid Pivot. Then it fell for a 2nd peak of only 2 more ticks after 30 min. It continued to slowly trend lower in the aftermath, but as it was a steady and slow paced down trend, it is not likely due to the IFO report.