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Forex pairs in this Article » EUR/USD, GBP/USD (Moscow) - EUR/USD was also as well as GBP/USD under limited pressure from Hilsenrath’s comments, reaching morning low at 1.3536 from 1.3552 at the open.

Is German ZEW really that positive?

Despite morning disappointment, we see some positive vibrations on EUR, and today the modest drift higher may continue, especially if German ZEW data comes at least in line with expectations. The economic sentiment index is forecasted to reach new 8-year high at 64 from 62 in December. We saw such a high level back in early 2006, two years before the global crises, Lehman collapse, and economic slowdown. It means, the German economy is reaching the peak pre-crises levels, and must help the pair to move to initial resistance level at 1.3587 followed by 1.3609 in case of positive revisions of the EMU GDP by the IMF.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3547, with support below at 1.3525 (S1), 1.3485 (S2) and 1.3463 (S3), with resistance above at 1.3587 (R1), 1.3609 (R2), and 1.3649 (R3). Hourly Moving Averages are bearish, with the 200SMA at 1.3613 and the daily 20EMA bearish at 1.3636. Hourly RSI is neutral at 43.
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