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21 January, 2020
EUR/USD: Back above 50-day MA in advance of German ZEW Survey

1. EUR/USD is attempting an effective circulate above the 50-day average.
2. German ZEW Survey for January is expected to expose a development in the monetary sentiment.
3. A massive beat on expectations will probably bode properly for the single currency.

The unmarried foreign exchange is showing symptoms of life ahead of the essential component German information, as EUR/USD is making an attempt to post a resounding move above the 50-day transferring average (MA) at 1.1094.
The pair is presently buying and selling at 1.11, having hit a 3.5-week low of 1.1077 on Monday.

Eyes German ZEW

The ZEW Financial Market Survey is an aggregation of the feelings of about 350 economists and analysts on the economic destiny of Germany, the Eurozone's manufacturing powerhouse, which suffered a marked slowdown in 2019, courtest of the US-China change tensions.

The German ZEW survey for January, due at 10:00 GMT, is forecasted to expose improvement, with the Economic Sentiment index developing to 15.0 from 10.7 in December. Meanwhile, the Current Situation index is seen enhancing to -13.eight from -19.9.

A large beat on expediencies would make stronger expediencies of a fantastic monetary rebound in 2020 and will probably place a strong bid below the common currency.

From a technical perspective, a near above 1.1173 (Jan. 16 high) is wanted to invalidate the lower highs set up and verify a bullish reversal.

If the information disappoints expectations, the pair could project Monday's low of 1.1077 and may increase the decline to the 100-day MA at 1.1066.

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