German Consumer Confidence above expectations

Germany flag
This morning, the August German Consumer Confidence was released at -0.3, well above the -4.5 expected. It stood at -9.4 in July.

From a technical point of view, on a daily chart, EUR/USD has validated a bullish flag and is supported by its rising 50-day moving average (in blue). Readers may therefore consider the potential for further rise above support at 1.1280. The nearest threshold would be set at horizontal resistance at 1.1680 and a second one would be set at September 18 top at 1.1800 in extension.
Market chart demonstrating German Consumer Confidence Above Expectations. Published in July 2020 by
Source: TradingView, GAIN Capital

Related tags: Forex Forex Germany

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