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16.02.202115:08 Forex Analysis & Reviews: EUR/USD analysis for February 16 2021 - Exhasuted buyers and potential for drop towards 1.2085

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Germany February ZEW survey current situation -67.2 vs -66.5 expected

Prior -66.4

Expectations 71.2 vs 59.5 expected
Prior 61.8

Eurozone expectations 69.6
Prior 58.3

Investor sentiment shows that current conditions remain rather tepid for the most part but there is plenty of optimism surrounding the outlook as the vaccine rollout starts to take shape across the Eurozone.

The jump in the expectations reading is the highest since September last year and reaffirms that the market remains more forward-looking when viewing the German and euro area economies at this point in time.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted today and the downside rotation would be probably to correct strong upside movement from this morning.

Key Levels

Resistance: 1,2155

Support level: 1,2085

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