EURUSD breaks major support 1.0660,market await German ZEW data
Potential Reversal Zone (PRZ) -1.0660
EUR/USD breaks trend line support 1.0660 (trend line joining 1.08180 and 1.06740) and is currently trading around 1.06580.
Markets eye German ZEW and US CPI for further direction. German ZEW is expected to increase to 8.4 from 1.9. The indicator has been declining throughout 2015.The pair is expected to show a slight jump till 1.06800 if ZEW data comes as expected.
If German ZEW economic sentiment data comes above 12.1 (Sep Month data) .The EUR/USD is expected to reach till 1.0720 levels.
If data comes below expectations of (below 1.9) a decline till 1.0600/1.0570 is possible.
Technically pair’s minor support is around 1.0650 and break below will drag the pair further down till 1.0600/1.0570 level.
On the higher side major intraday resistance is around 1.0703 and break above targets 1.0720/1.0765 level.
Overall bearish invalidation only above 1.0830.
It is good to sell on rallies around 1.0705-710 with SL around 1.0765 for the TP of 1.0650/1.0600
EUR/USD breaks trend line support 1.0660 (trend line joining 1.08180 and 1.06740) and is currently trading around 1.06580.
Markets eye German ZEW and US CPI for further direction. German ZEW is expected to increase to 8.4 from 1.9. The indicator has been declining throughout 2015.The pair is expected to show a slight jump till 1.06800 if ZEW data comes as expected.
If German ZEW economic sentiment data comes above 12.1 (Sep Month data) .The EUR/USD is expected to reach till 1.0720 levels.
If data comes below expectations of (below 1.9) a decline till 1.0600/1.0570 is possible.
Technically pair’s minor support is around 1.0650 and break below will drag the pair further down till 1.0600/1.0570 level.
On the higher side major intraday resistance is around 1.0703 and break above targets 1.0720/1.0765 level.
Overall bearish invalidation only above 1.0830.
It is good to sell on rallies around 1.0705-710 with SL around 1.0765 for the TP of 1.0650/1.0600