Forex: EUR/USD retreats 0.14% on German confidence survey

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Forex: EUR/USD retreats 0.14% on German confidence survey

FITITOL--> FXstreet.com (Barcelona) - The euro slid 0.14% against the greenback on the back of a survey showing German consumer confidence has dropped. Germany, the main economy in the eurozone, released its May results for the Gfk consumer confidence survey, showing a drop from 5.8 to 5.6. It was expected that it would increase to 5.9. German CPI came out yesterday, and the YoY inflation rate came in line with expectations at 2.0% and the MoM change at 0.2% (forecast was 0.1%).

On the other side of the Atlantic, the latest GDP, consumption and consumer sentiment figures will be released in the US today. It is expected that GDP will reach YoY growth of 2.5%, slightly slower than in the previous reading (3.0%) while real personal consumption expenditures should accelerate from 1.3% to 2.1%. Forecasts point out to a lower score for the Reuters/Michigan consumer sentiment index (75.9 from 76.2).

The pair is currently trading at 1.3201 with resistance at 1.3257, ahead of 1.3295 and 1.3325, according to Fxstreet.com pivot points on technical tools. On the downside, there is support at 1.3189, followed by 1.3159 and 1.3121.