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German ZEW Economic Sentiment bears with 17

Businesses are more confident ahead of the elections in Germany. The ZEW Economic Sentiment is up 7 points to 17 in September. The Current Conditions measure is up from 86.7 to 87.9.

EUR/USD moves up by a few pips, trading at 1.1985.

Germans will vote on Sunday and incumbent Angela Merkel is expected to sweep an easy victory, entering her fourth and probably last term.

Germany’s ZEW institute was expected to show a small rise in business confidence. The economic sentiment measure carried expectations for a rise from 10 points in August to 12.5 now. The Current Conditions component was predicted to remain basically unchanged: a slide from 86.7 to 86.6.

EUR/USD began the day with a rise and a peek above 1.20, reaching a high of 1.2006. It then slid to 1.1980 ahead of the release.

Support awaits at 1.1910, followed by 1.1870. Resistance is at 1.20, followed by 1.21.

The big event of the week comes tomorrow: the Fed decision. Preview: a window to short the dollar and two other scenarios

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.