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 ….
Also read :
- EURUSD Intraday Forecast Sept 26 2014
- EURUSD Daily Forecast Sept 25 2014
- EURUSD Weekly Forecast Sept 22 2014