The German Zew came out at 6.2, which was much better than the forecast at 4.00 this resulted in the Euro falling. We are yet to see what action the ECB will take with regards to interest rates this week. After these German Zew results, it is unlikely that the ECB will increase interest rate, previous and forecast currently 0.0%.
News to watch out for this week
• CPI index coming out, with previous and forecast at 0.4%
• ECB President Draghi speaking
• Interest rate decision
According to The Forex Commitment of Traders Report there is an increase on short non-commercial positions. This supports my bearish bias, bearish until we have a positive interest rate decision from the ECB.

At the start of the month price was at MPP after it has been range bound. 55 EMA above the 21 EMA with a good angle of separation and a 5 8 cross to the downside. Price fell hitting the monthly target of MS2 at support.

At the start of the week price came off WPP and fell to WS3. Price found dynamic resistance at the 21 EMA and fell to WS3.

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