The ZEW survey may add to volatility a bit during European trade but I must confess that I have no strong view at the moment. I’m still favouring a very slow and gradual rise in EUR/USD over the next few months with most of the focus remaining on the crosses. On the day, I will sell EUR/USD near 1.3425/35 and re-load on dips to 1.3300. EUR/GBP remains in a solid bull trend, EUR/CHF is consolidating 1.2385/1.2455 and EUR/JPY is also consolidating just below 120.00. In other words, the main crosses remain bullish.
Most reports from the interbank market have EUR/USD buyers outweighing sellers but it will remain a slow grind higher imho.