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The German ZEW Economic Sentiment provided a very positive surprise: it jumped to positive ground: +5.4 points.

This actually expresses optimism for a change. EUR/USD climbs but cannot break resistance.

The ZEW survey is usually more pessimistic than other figures. It was expected to advance from -21.6 to -11.8, reflecting less pessimism. After 8 months in negative ground, it jumped higher.

Also the all-European figure exceeded expectations, and rose to -8.1 points, higher than -21.1 that was expected.  350 analysts and investors are surveyed.

EUR/USD managed to climb from support at around 1.3145 and crossed the 1.32 line. Nevertheless, this positive figure wasn’t enough to carry the pair above 1.3212 – which shows its strength once again.

If this line is breached, 1.3280 is next. The worries about the fragile Greek deal limit any rally. For more on the euro, see the euro dollar forecast.

Also in the euro-zone, industrial production dropped by 1.1%, as expected. German and French industrial output already pointed to this negative  direction.