The Business Climate in Germany grew in May to its highest level in five months. (107.7 vs. expectations 106.8). The published data showed that the largest economy in the Eurozone is getting better.
The first support lies at 1.1130 and then at 1.1070. The first resistance stands at 1.1200, the next one is at 1.1250.
There is a confirmed and a strong sell signal. The price is under the Ichimoku Cloud and it is under the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is correcting.
Trading recommendations
We suppose the pair will go to 1.1130 first. Having overcome the first target the price might go downwards to 1.1070, Fort Financial Services experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
