The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment Index gauges the six-month economic outlook. A level above zero indicates optimism; below indicates pessimism. The reading is compiled from a survey of about 350 German institutional investors and analysts.
The German ZEW Economic Sentiment fell 12.1, from 25.0 in the previous month, the indicator was expected to fall to 18.4 in the last month.
Market Impact: This development is likely to keep EURUSD in the current range, the pair is trapped within 1.1278/1.1348 range, buying the pair on dips is recommended, below 1.1278 will open 1.1250 ahead of 1.1200 levels. Above 1.1348 will open 1.1420 levels.