EUR/USD clings to gains around 1.1630

• The pair alternates gains with losses above the 1.1600 handle.
• The greenback is back under pressure in the 95.20/15 band.
• German IFO survey surprised to the upside this month.

The lack of volatility in the global markets is motivating EUR/USD to stay so far sidelined in the low-1.1600s following the recent bull run to fresh tops near 1.1650.

EUR/USD focused on risk trends, USD

The pair has managed to leave behind the earlier drop to sub-1.1600 levels and is now looking to add to recent gains in the 1.1630 region.

The initial optimism around the buck appears now mitigated and is dragging the US Dollar Index back to the negative ground in the 95.20/15 band.

Auspicious results from the German IFO survey showed Current Assessment and Business Climate Index coming in above forecasts at 106.4 and 103.8, respectively, also lending extra oxygen to the pair.

EUR/USD levels to watch

At the moment, the pair is gaining 0.05% at 1.1629 and a break above 1.1646 (high Aug.27) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9). On the flip side, immediate contention emerges at 1.1535 (21-day SMA) seconded by 1.1530 (low Aug.23) and finally 1.1492 (10-day SMA).