Development of EUR / USD after publication ZEW index
ZEW index of economic sentiment in Germany fell in April by 12.2 points to 36.3 points. Despite drop in this indicator still holds the third highest level in the last 24 months. Experts see positive future only in the past two months. ZEW president of prof. Clemens Fuest remains optimistic despite today's worse result. According to him, for today may drop slightly degraded data coming from Europe's largest economy and the decline of the local export. Trust is compounded by ending the debt crisis in the eurozone.
Currency pair EUR / USD after the publication ZEW index fell slightly, but still adhere to the technical descending wedge formation that could puncture prepare for significant movement. The morning sell-off helped us hidden bearish divergence that has formed on the stochastic oscillator.Further development will be an important direction puncture, but falling wedge is considered as a bullish formation.
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