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EUR/USD slides back to 1.2660 area post-ZEW - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that the disappointing GErman ZEW data, released in the European morning, resulted in a drop in EUR/USD towards the 1.2660 level.

Key quotes


"The country economic sentiment plunged below 0 first time in over two years, while the one for the whole area came out at 4.1 from previous 14.2."

"The 4 hours chart shows indicators turned south and crossed their midlines to the downside, while price is back trading below 20 and 100 SMAs, both converging around 1.2700 now immediate resistance."

"Monday low at 1.2620 is the level to break to confirm further declines, eyeing then 1.2570 price zone, while if this last gives up, 1.2500/20 comes next."

"A recovery above 1.2700 on the other hand may see the pair approaching 1.2745, with sellers surging there and even more waiting at 1.2790 last week high."

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