EURUSD UNFAZED AFTER WEAKER ZEW SURVEY
The EURUSD remains well above the 1.1500 level, trading close to yearly price highs, despite a marginally weaker than expected German ZEW survey.
The ZEW expectations survey came in at 17.5, below the previous months' figure of 18.6, however, the ZEW institute still remains positive on German third quarter GDP figures.
The EURUSD pair remains strongly bullish on all time frames, and currently shows few signs of being oversold, as price continues to target towards the 1.1613 and 1.1711 levels.
Key intraday technical support is found at the former swing low at 1.1510, and then the former yearly price high acts as critical support at 1.1489. The EURUSD calculated daily pivot point is also found at the 1.1467 level.
To the upside, once price clearly trades above the 1.1540 level, the euro will start to target towards the 1.1580, 1.1610 and 1.1640 levels.