Home Forex News Negative Sentiment In Euro Increases After Germany’s Economic Sentiment Fell The Lowest...

Negative Sentiment In Euro Increases After Germany’s Economic Sentiment Fell The Lowest In Five Months.

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  • Global Equities retreated amid worsening concerns over extended covid cases

Euro fell further after Germany’s economy deteriorated significantly in October, according to the latest data from the Zew survey, a key gauge of sentiment in Europe’s largest economy. The reading came in at 56.1, its lowest point since May. We are maintaining our negative outlook in euro.

Meanwhile Dollar gained overnight after global stock rally paused on as a worsening of the pandemic and a bleak forecast from the IMF weighed on sentiment. Equities retreated after a setback in a corona virus medical trial and a stark warning from the IMF, which stated that the health crisis would cause “lasting damage” to the global economy as reported in FT.

TREND : WEAK BEARISH

Time                                      :           14/10/2020

Pivot                                     :           1.1759

Technical View                     :           LONG ABOVE 1.1779

Target                                   :           1.1799, 1.1836, 1.1864

Technical View                      :           SHORT BELOW 1.1739

Target                                   :           1.1719, 1.1701, 1.1682, 1.1638

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