EUR/USD clings to gains near 1.1230 post-ZEW
|- The pair remains bid in the 1.1230 region post-ZEW survey.
- The greenback rebounds from 97.40 and is now testing 97.60.
- German Economic Sentiment improved to -24.1 in November.
The buying interest around the single currency remains unchanged during the European morning on Tuesday, prompting EUR/USD to keep the positive territory around 1.1230.
EUR/USD focused on Italy, Brexit
The pair sticks to its daily gains so far after the German/EMU ZEW survey came in on a mixed tone. In fact, German Economic Sentiment came in a tad above estimates at -24.1 for the current month, while Current Conditions came in at 58.2, missing consensus and down from October’s 70.1.
In the broader euro area, the Economic Sentiment disappointed expectations at -22.0, also extending the drop from the previous’ month -19.4.
In the meantime, Brexit headlines and expectations around Italian politics continue to drive the sentiment around the risk-associated complex. It is worth mentioning that today is the deadline for Italy to submit a revised version of the 2019 draft budget.
EUR/USD levels to watch
At the moment, the pair is up 0.14% at 1.1235 facing the next hurdle at 1.1257 (high Nov.13) seconded by 1.1352 (10-day SMA) and finally 1.1399 (21-day SMA). On the flip side a breakdown of 1.1216 (2018 low Nov.12) would target 1.1188 (61.8% Fibo retracement of the 2017-2018 up move) en route to 1.1118 (low Jun.20 2017).
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