German Gfk Consumer Confidence Survey (Sep) rises to 8.5 , EURUSD’s testing resistance !

EURO data
EURO data

The Gfk German Consumer Climate Index measures the level of consumer confidence in economic activity. The data is compiled from a survey of about 2,000 consumers which asks respondents to rate the relative level of past and future economic conditions.

Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.

Frequency: Released monthly, around the end of the current month.

Last Read : 8.4

Expectations : 8.0

Actual : 8.5

Volatility : Medium Volatility

Market Impact :This indicator doesn’t have any strong impact on the pair , in downward trend , positive release usually pushes the pair to test the nearest resistance level before resuming the downtrend , however ;If the pair manage to take out the nearest resistance , the  next one is likely to hold and bring another fall .

Trend direction : Downward

Support and resistance : 1.2500 , 1.2570 , 1.2613 , 1.2666 (main) , 1.2760 (strong level). 1.2840 , 1.2886

Expected range : (1.2500 -1.2760 ).

Technical  Summary :with 1.2666/1.2760  intact , further downside is likely , towards the 1.2570/1.2500 levels.Note that a consolidation below 1.2666 is likely to bring a sudden fall , while a consolidation above the 1.2666 will open 1.2740/1.2760 before the next fall.

Strategy : Sell at resistance.