EUR/USD & German ZEW indicator: Looking to trade below 1.1000?
Today at 09:00 GMT will be released the German ZEW economic sentiment, a survey based on financial experts' assessment of Germany's economy for next six months, in terms of directions. Last reading was very positive, with a rising from 6.4 to 19.2, beating the expectations of 5.1 for June. However, July's forecast is seeing a decline to 8.2 and that could weigh on EUR against other currencies on the Forex market.
The H1 chart's view for EUR/USD is sideways, as the pair is still trading around the 200 SMA zone. A pullback can happen towards the 1.1042 level, which is very close to a bullish trend line projected from post-Brexit's low. If ZEW reading is weaker-than-expected, then we could see a decline to the support level of 1.1015. However, if July's release is better than analysts' forecast, we should see a rally beyond 1.1111 resistance zone.