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EUR/USD losing altitude on ZEW

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency has left the area of session tops beyond 1.1400 the figure and is now taking EUR/USD to the 1.1370 area.

    EUR/USD weaker post-ZEW

    The loss of upside momentum in the pair has coincided with poor results from the German ZEW Survey for the current month, with both Economic Sentiment and Current Situation dropping more than initially anticipated to 1.9 and 55.2 respectively. Further data showed the Economic Sentiment in the euro area matching forecasts at 30.1 albeit lower from September’s 33.3.

    US markets will return to the normal activity today, where NFIB’s Business Optimism index and the speech by Fed’s Bullard will take centre stage.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.14% at 1.1373 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1537 (downtrend from mid-December) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1246 (55-d sma) followed by 1.1187 (2-month up trend) and then 1.1152 (100-day sma).
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