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EUR/USD firms above 1.1550 after stronger German ZEW data
German ZEW Survey results came in above expectations, with markets now pricing a 25 bps ECB hike at the September 9 meeting.
EUR/USD was trading higher in early European hours on Wednesday, holding above the 1.1550 area near 1.1585, as the euro gained versus the US dollar.
FXStreet links the move to a stronger-than-expected German ZEW Survey, which rose to 34.2 for economic sentiment in August from 26.3 previously, and improved the current situation reading to -61.1 from -77.6, beating forecasts.
The outlet also noted that ECB President Christine Lagarde is scheduled to speak later on Wednesday. Markets are pricing a continuation of the ECB hiking cycle, with an indicated 90% to 94% probability of a 25 bps hike to 2.50% at the next policy meeting on September 9.
On the technical side, FXStreet said EUR/USD has a bullish near term bias, staying above its 100-day moving average and the Bollinger middle band. It flagged resistance near the August 17 high at 1.1614 and the Bollinger upper band around 1.1650, while identifying support at 1.1570 and then 1.1505.
Latest closeEUR/USD 1.157 ▲0.4%