German IFO - Rumor of higher number leads to rally, prints higher

This morning of February 23rd at 9:00 GMT (4:00 EST) the IFO figures were released from Germany. There was a rumor of a better number during the early European open and this lead the Euro to gain during the morning leading into the release. There were Middle-Eastern names seen buying the Euro but also some barrier protection at 1.3300 the round figure. The number was indeed higher, but not really by that much, this one is good to trade on a deviation of about +/- 1.2 and we didn't get that much higher than the median analsyst estimates. So this could have been a buy-the-rumour/sell-the-news setup, but actually price managed to continue on up even after the release, despite all the movement before the news. Alot of bidders and once the barrier option broke then further upside was attaing. However 1.3350 the mid-handle was frontrun, barrier protection again perhaps?, or just market-makers protecting the next hedging level....interesting anyhow. Anyhow we had resistance marked from 1.3340-50 so rode it down to 1.3270 as New York opened.

Here is the data:

German IFO - Business Climate
Estimates- Median: +108.8 Average: +109.0 Range: +108.0 to +111.0
Actual: +109.6 Prior: +108.3 No Revision

German IFO - Current Assessment
Estimates- Median: +116.5 Average: +116.5 Range: +115.0 to +118.0
Actual: +117.5 Prior: +116.3 No Revision

German IFO - Expectations
Estimates- Median: +102.0 Average: +102.0 Range: +100.4 to +104.5
Actual: +102.3 Prior: +100.9 No Revision

Here is the 1 minute chart of EURUSD:

and here is the 1 minute chart of EURJPY