EUR/USD got its ZEW, and fell down

Alena Afanaseva Independent Analyst

FXStreet (Moscow) - EUR/USD opened the day at 1.3757, but since that time moved up by tiny steps reaching 1.3770 right before the release, and posting 1.3746 right after.

The first catalyst of Europe

The pair showed timid moves higher on hopes for the stronger German data which helped it to go above 1.3770 area just before the readings came out. The Economic sentiment index showed downward moves from last December when it posted multi-year high at 62. And this time the market expected to see another decrease from 43.2 in April to 41.3. However, the data came out at depressing 33.1 supporting the move of the pair to 1.3746 right after release, and making the market believe that Germany has hard times with strong national currency damaging export activity. The next target of the pair at 1.3717 support level.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3760, with support below at 1.3745, 1.3742 and 1.3717, with resistance above at 1.3773, 1.3788, and 1.3801. Hourly Moving Averages are bearish, with the 200SMA at 1.3862 and the daily 20EMA at 1.3832. Hourly RSI is bearish at 42.

Author

Alena Afanaseva

Independent Analyst

Alena joined FXStreet in 2014 as an Asia News Editor, having previously fulfilled senior research and analysis roles at a number of Russian brokerage houses.

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