The German institute Gfk, on Tuesday, said that the consumer sentiment in Germany improved for December. The index picked up to 9.6 points from November. The data revealed that economic and income expectations rose significantly for the month ahead.
Compared to the same period last year, consumer sentiment was still lower. This was attributed to the global economic slowdown and trade conflicts, including Brexit.
Support Holds Firm for EUR/USD
The currency pair posted a modest rebound near the support area of the 1.1000 region. However, there is no upside momentum building up.
The Stochastics indicate weakness, with the indicator strongly in the oversold levels. In the near term, EURUSD will need to rise above 1.1030 to confirm further upside.
