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.
The Gfk German Consumer Climate Index rose from rose to 10.2, from 10.1 in the previous month. Analysts had expected Gfk German Consumer Climate Index to fall to 10.0 last month.
As a result; Intraday outlook in EURUSD has turned neutral at the moment , resistance comes at the 1.0891 levels, sustained breakout – 4 hour closing – above the 1.0891 levels will suggest short term bottoming at the 1.0862 levels and put the pair in recovery mode for retesting the 1.0959 levels before the next fall, However, a clear break above the 1.0959 levels will increase the risk towards the 1.1007/1.1069 levels.
On the downside, a failure to hold above the 1.0891 levels on a 4 hour closing basis, could mean a return to the 1.0862 levels , a cut through the 1.0862 levels will shift focus on the 1.0800 levels, further down will open 1.0750 levels.
In all, as long as 1.0891 resistance holds on a 4 hour closing basis, Intraday outlook in EURUSD remains on the downside towards the 1.0862/1.0800 levels, above the 1.0891 levels faces a recovery risk towards the 1.0959 levels before the next possible fall…