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by ForexNewsNow Team on September 14, 2010

EUR USD analysis: Euro falls after disappointing ZEW data

EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – The euro fell against the dollar on Tuesday, retreating from a 1-week high, after a closely watched gauge of German investor moral dropped more than forecast.

In European morning currency market trading, EUR/USD hit 1.2855, down 0.21 percent on the day, after pulling back from 1.291, the currency pair’s highest since Sept. 6.

The Mannheim-based ZEW think tank said earlier that its monthly poll of German economic sentiment fell to -4.3 during the month, down from 14 in August. Analysts had expected September’s figure to come in at 10.7, two major online FX trading news outlets reported.

According to EUR USD analysis, EUR/USD was likely to touch support around Friday’s low, 1.2644, and encounter immediate resistance around Thursday’s high, 1.2919.

The euro’s losses also came ahead of a key report on U.S. retail sales, which was expected to show that this important gauge of consumer spending rose in August, and important data on U.S. business inventories.

Elsewhere, the euro slumped versus the yen: EUR/JPY traded at 107.05, down 0.73 percent, according to intraday analysis.

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