EUR/USD: The Euro fails to take advantage of the ZEW index higher than expected

© Reuters. EUR/USD governs little to the ZEW index higher than expected

The ZEW index of business climate in German is displayed in above expectations on Tuesday morning, -13.4 points versus -14.1 points anticipated by the consensus, after 15 points in the previous month.

This is the 4th consecutive month of rise of the index, and also the 4th consecutive month where the index exceeds the consensus.

However, the index remains on low levels, in particular with an index of the current situation to the lowest since December 2014, and the institute ZEW has accompanied this publication by stating that it does not expect a “rapid recovery” of the German economy slowing down.

On the Forex, it should be noted that this statistic does not seem to have impacted the EUR/USD pair.

The pair is currently between its moving averages 100 and 200 hours currently located at 1.1293, and 1.1306, showing a profile very uncertain in the short term, in the expectation of the most important events of the week : The minutes of the Fed tomorrow evening, and the european PMI indexes on Thursday morning.

Has the downside, a break below 1.1285 would tip the balance towards the downside, while the upside, back above the top of yesterday to 1.1334 seems necessary to consider a possible upward trend.

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