15 Sep 2015
EUR/USD below 1.13 ahead of the German Zew survey
FXStreet (Mumbai) - The EUR/USD pair dropped to an intraday low of 1.1285 as the major European stock futures trade mixed and point to a flat to negative opening.
Eyes Zew survey
The German Zew survey economic sentiment index for September is seen deteriorating to 18.3 from 25.00. Off late the German data has been anything but bad and the shared currency suffered losses each time on a positive data.
Meanwhile, traders would also keep an eye on the European stocks ahead of the US advance retail sales report release. At the moment, the pan-European Euro Stoxx 50 futures indicate the index could open on a flat note. Losses in stocks, in line with Asian peers, could put a floor under the common currency.
EUR/USD Technical Levels
The spot currently trades around 1.1295. The immediate resistance is located at 1.1350 (Friday’s high), above which the pair could target 1.14 levels. On the other side, support is seen at 1.1270 (hourly 100-MA) and 1.1216 (hourly 200-MA).
Eyes Zew survey
The German Zew survey economic sentiment index for September is seen deteriorating to 18.3 from 25.00. Off late the German data has been anything but bad and the shared currency suffered losses each time on a positive data.
Meanwhile, traders would also keep an eye on the European stocks ahead of the US advance retail sales report release. At the moment, the pan-European Euro Stoxx 50 futures indicate the index could open on a flat note. Losses in stocks, in line with Asian peers, could put a floor under the common currency.
EUR/USD Technical Levels
The spot currently trades around 1.1295. The immediate resistance is located at 1.1350 (Friday’s high), above which the pair could target 1.14 levels. On the other side, support is seen at 1.1270 (hourly 100-MA) and 1.1216 (hourly 200-MA).