EUR/USD lower on weak ZEW
EUR/USD is trading under pressure around the $1.3900 mark, following the lower-than-expected euro zone inflation data in Monday and much weaker ZEW economic sentiment indices for Germany and the currency block as a whole, released today.
ING: "The German ZEW index dropped in March, reflecting increasing uncertainty from latest events in the Ukraine and Russia. The short-term impact on the German economy should be limited. Growth in Q1 should remain unharmed. However, looking beyond Q1, latest events and possible upcoming measures will put the German recovery to a serious test”.
Commerzbank analysts see minor target the support offered by last week’s low at $1.3834 and the February high at $1.3826 intraday.Key short-term support lies at $1.3782.
Chart. H4 EUR/USD