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EUR Beaten Further after Poor Economic Sentiment Data

We have been seeing some leveling in Eurozone data of late. There is increasing credit risk concern. The market is looking at the ECB for more stimulus clues to address soft growth in the Eurozone. The EUR has been beaten lately.

July's ZEW Economic Sentiment reading for the Eurozone came in at 48.1. This dramatically undershot the 62.3 forecast, and the previous reading of 58.4. For Germany, the reading also disappointed, falling to 27.1, the lowest since December. 2012. The forecast was around 28.9 and the June reading was 58.4.

The poor data is keeping the euro under pressure. The EUR/USD looks bearish but is waiting for Janet Yellen to provide clues on the next FOMC rate hike. We saw relatively soft retails sales data out of the US for June, but that is not supporting EUR/USD from the weight of recent data that suggests the ECB will act soon.

EUR/USD 4H Chart:

While the EUR/USD waits for Janet Yellen's testimony in front of congress, the EUR/GBP is wasting no time falling back to the July and 2014 low around 0.7915. The bearish reaction would cover a week of consolidation price action. Below 0.7915, the next key support could be the 2012-low around 0.7765.
EUR/GBP 4H Chart: