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FxWirePro: EURJPY trades marginally higher after better than expected ZEW survey, break above 110-EMA to see further upside

EUR/JPY chart - Trading View 

  • EUR/JPY has retraced from session lows and is trading marginally higher at 126.38 at 1230 GMT.
     
  • The single currency slightly bid after better than expected ZEW survey data.
     
  • The ZEW survey showed German Economic Sentiment extended the bounce to -3.6 for the current month and Current Conditions eased to 11.1.
     
  • Also, Economic Sentiment in the broader euro bloc improved to -2.5, bettering consensus.
     
  • No significant development on the Brexit negotiations and the US-China trade front keep investors cautious.
     
  • Evolving risk-appetite trends will remain the main driver of the price action in the near term.
     
  • Technical studies for now support upside in the pair. Break above 110-EMA (126.61) will see further gains.
     
  • Immediate support lies at 21-EMA at 125.85. Break below major trendline support at 125 will negate any bullish bias.

Support levels - 125.85 (21-EMA), 125 (trendline)

Resistance levels - 126.61 (110-EMA), 127.50 (Mar 1 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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