The EURUSD halted its losses yesterday , rejected from from the rising support from 1.3105/1.3295 levels , Momentum indicators show that sellers are losing the downside momentum , but that’s not enough , today we have critical data from Germany , let’s see how German ZEW Economic Sentiment will affect the EURUSD today ?!!
First let’s highlight support and resistance levels:
1.3330, 1.3400 ,1.3473 , 1.3516 , 1.3567 , 1.3620 (critical) , 1.3700, 1..3800
Last release was 62 , the expectations are 64 , how these data will affect the EURO today ?!!
- A reading between 62 and 64 is likely to bring small gains , If seen ; short after rejection from 1.3620 on smaller time frame.
- A reading above 64 is likely to challenge 1.3620 levels , If seen: a - buy after rejection above 1.3567 , at 1.3620, exit or move your stop to break-even…b- buy after rejection above 1.3620.
- A reading below 62 is likely to bring losses , If seen : a – sell below 1.3567 , exit around 1.3515 or move stop to break even…. b – sell after rejection below 1.3516.
- In case we have reading below 60 or above 66 and market moves quickly , you can short below 1.3516 or buy above 1.3620.
How German ZEW Economic Sentiment will affect the EURUSD tomorrow ?!!
- Strong positive data followed by a daily close above 1.3620 would open 1.3700/1.3832 levels.
- Strong negative data followed by a daily close below 1.3516 would open 1.3400/1.330 levels.
- Medium data and 1.3620 holds , will bring consolidations with risk to the downside.
Note that German ZEW Economic Sentiment will be published today at 10:00 am GMT ..
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EURUSD steady ahead of German Data !