The highly regarded ZEW Economic Sentiment survey showed pessimism in Europe’s locomotive. This stopped the Euro’s rally and reminded everybody that the European issues are far from over. EUR/USD now trades at the bottom of the current range, failing to top an important resistance line. That’s what happens when pessimism takes over: The German ZEW Economic Sentiment score minus 4.3 points – the lowest in 19 months. Not only did this result fall short of expectations (+10.7), not only did fall from last month’s number (+14), but the negative number has an important meaning – pessimism. This is the fourth consecutive fall and also the fourth consecutive time that the result is weaker than expected. Also the all-European number, which is less important, disappointed at +4.4 points. At least it remained in positive territory. EUR/USD loses hot air Earlier this week, the Euro enjoyed the Basel III accord regarding the stability of banking. It also enjoyed strong news from steaming hot China. The optimistic mood pushed the pair above the 1.2770 line, and quickly above the 1.2840 line. The pair made a push towards the 1.2930 line and already reached 1.2910 before the release. But after the release, the pair dropped to 1.2840, which provided supported, before recovering. A break above 1.2930 will lead to resistance at 1.30, 1.3110 and 1.3267. A break below 1.2840 will open the road to 1.2770, 1.2665 and 1.2610. Also last week, a reminder of the European debt crisis sent the pair down. Similarly now, economic indicators provide the reality check. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Greenback Plunges on Goldman – Breakout Update Yohay Elam 12 years The highly regarded ZEW Economic Sentiment survey showed pessimism in Europe's locomotive. This stopped the Euro's rally and reminded everybody that the European issues are far from over. EUR/USD now trades at the bottom of the current range, failing to top an important resistance line. That's what happens when pessimism takes over: The German ZEW Economic Sentiment score minus 4.3 points - the lowest in 19 months. Not only did this result fall short of expectations (+10.7), not only did fall from last month's number (+14), but the negative number has an important meaning - pessimism. This is the fourth… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.