EUR impacted by German Consumer Confidence

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By :  ,  Financial Analyst

EUR impacted by German Consumer Confidence

Earlier this morning, Germany's GfK Consumer Confidence Index for November was released at -3.1, below -3.0 expected. Later today, the European Commission will post October Consumer Confidence Index (-15.0 expected).

From a technical point of view, on a 30-min chart, EUR/USD has broken below rising trend line and stands below its 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below 1.1865. The nearest threshold would be set at previous overlap at 1.1835 and a second one would be set at horizontal support at 1.1815.

Source: TradingView, GAIN Capital

Related tags: EUR Forex Forex

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