Yesterday's trading session ended close to 1.3622. Mario Draghi's speech failed to drive the currency market the way financial experts had expected. The currency kept on trading within the scope of the 1.3608-1.3639 price range.
As for today's European trading session, the bias is still bearish. The Euro keeps on losing value against the US Dollar. At the very beginning of the trading session, the currency pair went down to hit 1.3604, Market Leader reports.
Euro Waits For German Stats
Today, we are going to see Germany publishing its ZEW indices, reflecting current economic sentiments and economic conditions. The event is going to happen in a couple of hours.
Since the beginning of the year, the institutional investors' sentiment has been going down. In January, we could see the highest level of optimism, which hit 61,7 points. This is still the highest point. Later on, the index started decreasing and finally reached 29,8 points in June. This is the lowest point in 18 months. Economists feel pessimistic and predict a further drop down to 28,0 points. Such a prolonged period of weakness indicated poor economic prospects.
At the same time, the other ZEW index indicating economic conditions grew by 5,6 points. The latest report indicated 67,7 points. However, the respondents indicate that the index is unstable. The current economic conditions in Germany are expected to drop down to 67.0 this time.
EURUSD Prospects
According to Masterforex-V Academy, the H1 chart of EURUSD indicates no clear tendency, the price is fluctuating within the scope of the 1.3589-1.3650 range. The chart can also show us 2 completed moves - 1.3699-1.3575 and 1.3575-1.3650.
In order to start a new tendency, the price has to come out of the 1.3608-1.3626 range. The direction in which the price goes out of the range will indicate the direction of the new short-term tendency.
The following levels should be watched closely:
Resistance: 1.3625(26) + 1.3643; 1.3650 + 1.3663 + 1.3699.
Support: 1.3608 + 1.3591; 1.3584 + 1.3575.
