GfK German Consumer Climate declines to 8.3 , EURUSD remains under pressure !

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, this indicator has a moderate impact over the EURO.

It has released at 8.3 below expectations 8.5 , this scenario should keep the EURUSD under pressure , any rebound should be limited by the key resistance 1.2765 , support comes at the 1.2696 levels , a break will open 1.2660 levels where a cut will resume the whole fall towards the 1.2600 levels…

In all , the pair is likely to consolidate below resistance 1.2765 with risk to the downside till US session ….

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