EURUSD trades lower after the ZEW disappointed investors. Germany February 2020 ZEW economic sentiment came in at 8.7 below the expectations of 21.5 the previous reading was at 26.7. The Current conditions was also a big miss, it came in at -15.7 below the forecasts of -10.3 the last reading was -9.5. The Eurozone ZEW economic sentiment registered in at 10.4 below the previous reading of 25.6.
ZEW said that the negative effects of the coronavirus outbreak on global trade have been causing a significant decline of the Zew indicator of economic sentiment for Germany. The beginning of 2020 saw a worse than expected development of the German economy.
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EURUSD Technical Outlook
EURUSD is 0.05% lower at 1.0829 today as the bears are in full control of the trend. The pair both fundamentally and technically has a bearish momentum and a visit to lower levels is possible.
On the downside, immediate support for EURUSD pair stands at 1.0820 the daily low. In case of a credible break below the pair might make a move to close the gap between 1.0774-1.0819 from April 21, 2017. Beneath the gap the next support stands at 1.0708 the low from April 27th.
On the flip side, initial resistance for the EURUSD pair stands at 1.0837 the daily high. A break above would meet the next resistance at 1.0850 the high from yesterday’s session. Next supply zone for EURUSD will be met at 1.0925 the high from February 12.
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