The EUR/USD rallied through the 1.3300 level in early European session on the back of better that expected IFO results, but couldn’t hold that level for long as profit taking pushed equities lower and curbed some of the risk appetite that dominated overnight trade. The IFO survey of business climate surprised to the upside printing at 83 versus 81 forecast while the current assessment component also beat expectations coming in at 86.8 versus 85 projected.