German ZEW Economic Sentiment Misses With 10 Points

The ZEW economic sentiment falls short of expectations with a score of 10 points. The current conditions component stands at 86.7, slightly better than expected, but the economic sentiment seems to have the upper hand.

EUR/USD slips under 1.1770, a small drop from the levels seen just before the release.

Here is how things look on the hourly chart:

Germany’s ZEW think-tank was expected to report a small drop in its economic sentiment: 15 points in August against 17.5 points in July. The current conditions measure was predicted to slip from 86.4 to 85.5 points.

EUR/USD reversed its previous gains, losing the 1.18 level and slipping to 1.1770. Support awaits at 1.1710 and high resistance is at 1.1870. The pair seems to be “hugging” the 1.18 level in recent days.

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The big event of the week is Mario Draghi’s speech in Jackson Hole on Friday, just before markets close.