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Forex: EUR/USD testing 1.3000 after soft ZEW Survey in Germany

FXstreet.com (Barcelona) - The EUR/USD has remained buoyed in positive territory Tuesday, though has traded off its overnight highs at 1.3027. Since then, the European session has consisted an easing movement, furthered after the release of economic data in Germany and the EMU. In these moments, the pair has fallen back below the 1.3000 level to trade at 1.2993/96, up +0.13%.

Briefing the technicals, the EUR/USD will find resistance at 1.3051, then 1.3081, and finally 1.3136. On the decline, a movement below 1.2966 will initiate supportive structures at 1.2911 ahead of 1.2881.

According to the ICN.com Technical Analyst Team, “The EUR/USD moved to the upside after failing to stabilize below 1.2970 and the stochastic offered a positive crossover. Meanwhile, the pair is stable below its linear regression indicators. Trading below 1.3115 forces us to hold on to our negative expectations, while stability below 1.3030 will trigger the downside move.”

In Germany, the ZEW Survey – Economic Sentiment (May) came in at 36.4, against expectations of 38.3. In addition, the ZEW Survey – Current Situation reported 8.9 in May, vs. a projected 10.0. In the EMU, the ZEW Survey – Economic Sentiment yielded a figure of just 27.6 in May, against estimates of 39.0.

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