EUR/USD to extend gains once above 1.2200

EUR/USD is advancing within range. Bulls pressure but 1.2200 stands in the way, Valeria Bednarik, Chief Analyst at FXStreet, briefs.

German data was mixed, with the ZEW Survey on Economic Sentiment unexpectedly contracting

“Germany published April Industrial Production, which contracted by 1% MoM, missing expectations. The annual reading posted a whopping 26.4% increase. The country published its June ZEW Survey, which showed that the Economic Sentiment unexpectedly contracted to 79.8 from 84.4. For the EU, the sentiment index resulted at 81.3, better than the 77 expected, although below the previous 84.4.”

“The EU also published a revised version of the Q1 Gross Domestic Product, which resulted better than anticipated at -0.3% QoQ from -0.6% previously. The US published the April Goods Trade Balance, which printed at $-68.9 billion, much better than anticipated and contracting from the previous $-75 billion.”

“Technical indicators advance within positive levels with the Momentum accelerating north and reflecting increased buying interest.”

“Support levels: 1.2160 1.2120  Resistance levels: 1.2200 1.2245”