The Euro remained unchanged during Monday's trading session as investors await today's release of the Euro Zone economic data. Not only is the Single currency being driven by internal and global politics, but it is also driven by economic data releases, especially at this point in time. That is the case because investors are using the data releases to try to reach a conclusion on when the ECB will begin to hike interest rates in Europe. For today, the major economic data release in focus is the Euro Zone's ZEW Economic Sentiment figure which compiles market sentiment surveys from German institutional investors and analysts. As for the previous seven months, the figure is expected to print in negative territory, but Euro traders will focus on whether there will be an improvement relative to the previous month.
The Euro continues to reject the 13-period moving average (blue) and trades below it. For now, the Euro is trading below all the three major moving average which signals broad bearish momentum in the market. Moreover, the most recent and continuous rejection of the break above the 13-period moving average reaffirms the current and short term state of bearish momentum. For today, the move lower in the Euro will be confirmed if prices manage to break below the 1.1352 support paving the way for a drop towards the 1.1310 support level.
Support: 1.1352 / 1.1310
Resistance: 1.1410 / 1.1449