Waiting for ZEW
Christophe Chevalier May 19, 2020 6:48 AM
German ZEW surveys are expected and may give a clear trend to EUR.
Later this morning, all eyes will focus on still much awaited German ZEW surveys. Today, May ZEW economic sentiment is expected at 32.0, vs 28.2 the previous month. Current conditions are expected at -88.0, vs -91.5 in April.
From a technical point of view, EUR/USD is posting a rebound but remains within a wide triangle pattern even if it stands above its 50-day moving average (in blue). Readers may therefore consider the potential for a new weakness below resistance at 1.0990. The nearest support would be set at horizontal support at Apr. 23 low at 1.0725 and a second one would be set at set at March bottom at 1.0630 in extension.
Source: TradingView, GAIN Capital
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