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In April 2015, ZEW Indicator of Economic Sentiment for Germany fell for the first time since October 2014. The indicator declined by 1.5 points to 53.3 points compared to the previous month. The economic development of the eurozone is improving. ZEW Economic Sentiment Index for the eurozone increased by 2.4 points to 64.8 points.
Today, USD leads the trading direction. The US Existing home sales are due for release. For the past five consecutive months, the readings gave negative readings. ZEW president Professor Clemens expressed his optimistic view on the German economy. He said: "The German economy is in good shape. A stable labor market and increasing wages are strengthening confidence and boosting consumption. However, the current weakness of the world economy is dampening export prospects and reducing the scope for further improvements of the economic situation in Germany".
Technical view:
The pair edged lower again rejected of 20Dsma. The pair made a low at 1.0660 but managed to close above the previous swing low of 1.0700. The pair found support at 1.0660 34hrsma and changed its direction. Concerns over the Greek issue added a new factor into the bearish view. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The ECB is considering tightening bank lending to Greece. European Central Bank President says confident Greece will not leave the eurozone. The Greek Finance Minister said that Greece is likely to reach an agreement with the EU and IMF. The Eurogroup's meeting in scheduled for April 24. Eventually, the euro looks weak moving towards 0.9000 against USD. Intraday: The pair erased a higher low and higher high strategy in the hourly chart, shifted to lower lows formation. But the price holds the ascending trend line in the four-hour chart. The hourly resistance is seen at 1.0756 and 1.0780. Intraday resistance is seen at 1.0770 20Dsma. In the four-hour chart, the double bottom was formed at 1.0660. We recommend fresh selling below 1.0660 for 1.0625, 1.0600, 1.0570, and 1.0550. In case US data printed on the negative bias, we recommend buying above 1.0785 with targets at 1.0810 and 1.0820. Aggressive buying is not available at the current levels. Fundamental and technical aspects favor bears. Each spike leads to new sell trades.
Support: 1.0710,1.0660, 1.0575
Resistance: 1.0750, 1.0770, 1.0850
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