Today, the EUR/USD rebounded a little after the Ifo Business Climate in Germany surprised. (click to enlarge; source: Ifo) German Ifo Business Climate (November): 104.7Forecast: 103.0Previous: 103.2 The headline reading rose for the first time since April, after 6 straight months of decline. This data is helping EUR/USD remain above the 1.2360 low on the year, as it climbed back above 1.24 after the data point.EUR/USD 4H Chart 11/24 (click to enlarge) Vulnerable Pullback: This rally looks vulnerable especially after last Friday's sharp decline. That dip came after Draghi talked about expanding the current stimulus measures amid disinflation concerns. QE is also at arm's reach especially if inflation and economic growth continues to slide (both have stabilized a bit in October-November).Pullback, Resistance: Now, with the prevailing downtrend intact, the EUR/USD's pullback is vulnerable to sellers first at the 1.2440-1.2450 area. There are some common support here within November's range action. If the EUR/USD manages to pull back further, it should find resistance in the 1.2480-1.25 area, which include the 100- and 50-period SMA in the 4H chart, and a key support/resistance pivot area. If price pushes above 1.25, the market is most likely still in consolidation, and the 1.26 high should be under pressure. However, below 1.25, the pressure remains toward the 1.2360 low on the year, with risk of breaking lower towards 1.23.