It is mid week and how is the trading? If you are green with pips, well done and protect your profits! Folks who are red, be mindful to make rational not emotional decisions.
Looking at the EUR/USD 4 hourly chart above, we note that the EUR/USD has slipped below the current range. This suggests bearish pressure. It is now a doji pattern which may indicate uncertainty.
We can continue to use the bollinger bands as an indicator of reactive regions.
The worst than expected German ZEW Economic Sentiment dealt a strong impact to the euro currency. Being the biggest economy in the euro zone, traders are concerned. There are speculations that the upcoming ECB minimum bid rate event and conference may bring about more easing measures. This will probably add bearish pressure to the EUR/USD.
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