The ZEW index, which measures analysts' moods in relation to the German economy, dropped to 80.6 in May from 87.4 in April. The fall is stronger than the expected number of 85. Analysts also look pessimistic on the outlook - the index of Economic Sentiment fell to -16.1 from -8.2 versus expected -14. This is the lowest reading since 2012 and there are no reasons to be satisfied here.

The single currency fell little just under 1.1790 because the data was not a big surprise. The euro is more interested in Thursday's interest rate decision of the ECB. Moreover, the economic assessment by the entrepreneurs measured with the Ifo index is more important for the markets.

Let's now take a look at the German DAX Index technical picture on the H4 time frame. The market tried to rally before the data were published, but now the price is dropping again towards the intraday support at the level of 12,856. Any breakout lower would indicate the bears are in control of the market and might push the price towards the level of 12,641 again. For the bulls, the key level to the upside is still seen at the swing top at 13,201.