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 to 37.1, from 41.9 in the previous month. The German ZEW Economic Sentiment was expected to fall to 37.1 last month.
Market Impact: According to the 4- hour chart. The market has already failed on testing resistance 1.1330, eyes further down towards the key support 1.1242, a cut through the 1.1242 levels sees a sell-off towards the 1.1132 levels, next support comes at the 1.1048 levels.However; To prevent the risk of a fall to the key support 1.1132/1.1048 in the next 24/48 hours , the EURUSD will have to hold above the 1.1330 levels on a 4 hour closing basis, If seen It will challenge main resistance 1.1385……………otherwise, risk remains on the downside even in case of recovery..