The investor confidence in Germany weakened slightly in October. The ZEW’s assessment of current economic situation fell to the lowest level since 2010. The ZEW index fell to – 22.8 in October from -22.5 a month ago.
The data was, however, slightly better than the forecasts of a decline to -27. Meanwhile, the ZEW economic sentiment also weakened to -23.5 from -22.4. That being said, it still came in better than was forecast.
Will EUR/USD Be Able to Break the Resistance?
The common currency struggled to hold on to the gains made above 1.1030. Price action continues to consolidate near this level. But the failure to breakout higher could potentially signal a downside bias.
For now, the rising trend line remains intact. But a breakdown of this trend line could signal a move lower to 1.0945.
