EUR/USD Gains On ZEW Data, Trade, Ahead of FOMC
Fiona Cincotta December 10, 2019 2:53 PM
EUR/USD is edging higher versus the US dollar following better than forecast ZEW Sentiment data, easing trade tensions and as investors look to FOMC.
The euro is edging higher versus the US dollar following better than forecast ZEW Sentiment data. German investor sentiment improved to the strongest level in two years. The brighter outlook comes amid hopes that trade tensions are slowly easing, and that the US will avoid a disorderly Brexit from the EU.
The dollar slipped lower as risk improved on rumours that the US will not hike trade tariffs on Chinese imports on 15th December. This can only mean that the two sides are close to a phase one deal, surely?
Levels to watch
EUR/USD trade above its 50, 100 and 200 sma, a bullish chart. Resistance can be seen at $1.1094, $1.1115 prior to $1.1140.
Support can be seen at £1.1040, $1.1015 before $1.10. We would be looking for a break below $1.1040 to negate the current bullish trend.
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