EUR/USD depressed around 1.2340, ignores mixed ZEW

German ZEW came in mixed for the current month.
Economic Sentiment in the euro area beats consensus at 29.3.
ECB minutes on Thursday next big event in the region.

The offered note stays the same around the single currency on Tuesday and is now forcing EUR/USD to move further south to fresh session lows in the 1.2340 region.

EUR/USD offered on ZEW, looks to ECB

Spot keeps the negative performance during the first half of the week, this time under extra pressure after the German ZEW Survey showed Current Conditions down to 92.3 while Economic Sentiment came in above estimates at 17.8, albeit lower than January’s 20.4.

Following suit, Economic Sentiment in the euro area surpassed consensus at 29.3 although eased from the previous reading at 31.8.

Furthermore, ZEW sources noted that inflation expectations in both the euro area and Germany have commenced to rise, while the German economy is expected to improve in the medium term.

Nothing else data wise from Euroland today apart from the EcoFin meeting, which is expected to yield nothing relevant, as per usual.

Across the pond, nothing scheduled for today while investors should start to shift their attention to the FOMC minutes, to be published tomorrow.

EUR/USD levels to watch

At the moment, the pair is losing 0.54% at 1.2340 facing immediate contention at 1.2276 (low Feb.14) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the upside, a breakout of 1.2757 (2018 high Feb.16) would target 1.2598 (61.8% Fibo of the 2014-2017 drop) en route to 1.2886 (high Oct.15 2014).

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.