EUR/USD: Sell orders at 1.2980 capping after strong ZEW data

The EUR is higher after much improved sentiment data for the German economy but momentum is still lacking and sell orders at 1.2980 are capping for now.

Any dips now back towards 1.2940/50 are likely to find welcome buyers as last week’s shorts start to cover.

I’m still running a long EUR/USD position against my short cable and short AUD/USD trades, and I will lighten up on the EUR longs if an hourly high forms below 1.3000.

Catch you tomorrow++

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