EUR/USD (current price: 1.1259)
The favorable German court ruling pushed the most traded currency pair lower yesterday. Traders still expect more easing operations from the ECB, despite some relatively bullish economic releases coming out from the Eurozone. German Economic Sentiment came in much better than expected with a reading of 19.2 points compared to the consensus estimate of 5.1. The long-term picture remains neutral for the cross, but a re-test of the 200-day MA seems likely currently.
Our assessment: EUR/USD got back below 1.13 again following the bearish ruling, as the pair is now back in the short-term declining trend channel, with the 200-day MA providing support at 1.11.
