The German Gfk consumer confidence survey report released yesterday saw the consumer confidence falling to 9.8 against expectations of 10.0. This was down from 10.1 in May. Gfk consumer confidence is in a steady decline since the past few months. The euro was trading flat on the day, logging gains of 0.02%.
EURUSD to Remain Flat in the Short Term
The declines in the common currency come after the previous rally sent price higher to test the 1.1400 handle. Since then, the currency pair has been drifting sideways briefly testing the support near 1.1339. We expect this sideways range to be maintained in the near term. A breakout from this level could signal a possible move in the next leg of the direction.
