EUR/USD: The Euro remains subdued, waiting for the ZEW index


© O Financista. EUR/USD hesitates before ZEW

Investing.com – After a top at 1.1333 yesterday in the early afternoon, in the framework of a further u-movement rebound initiated on Friday, the pair EUR/USD has started a correction, which has led her to attempt to drop below the psychological threshold of 1.13 during the night.

The news yesterday was very busy, and the behavior of the pair EUR/USD discloses the indecision of investors, before the first major events of the week.

Today, it is on the ZEW index of business climate in German for the month of February as traders focus. The consensus of economists anticipates a rebound in the index to -14.1 points, after 15 points in the previous month.

This is the 4th consecutive month of rise of the index. Also note that the ZEW index of business climate German came in above the consensus for the last three publications.

Outside of this statistic, we will also monitor any potential new development in relation to the trade discussions China-USA, or the Brexit.

It will also be necessary to monitor a response to Mester’s (Fed) at 14: 50), then a speech by Praet (ECB) to 16h.

It should be emphasized, however, that the most important events of the week are expected Wednesday and Thursday, with the minutes of the Fed, and the european PMI indexes, which might encourage investors not to over-commit in one direction or in another this Tuesday.

From a graphical point of view, it will be observed that the moving average 100 hours currently 1.1293 plays the role of immediate support, before the support of 1.1250, the low annual 2019 to 1.1234, and the low annual 2018 to 1.1214.

In the event of a rebound of the Euro-Dollar, the resistances to watch are at 1.1330-35, 1.1350 and 1.14.

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