ZEW Economic sentiment data for Germany and the Eurozone improved and was stronger than expected for January.Eurozone ZEW Economic Sentiment (Jan.): 45.2; forecast: 37.6; previous: 31.8German ZEW Economic Sentiment (Jan.): 48.4; forecast: 40.1; previous: 34.9 (click to enlarge; source: ZEW)This is the third straight month of improving sentiments in both Germany and the Eurozone. You can see from the chart above that Germany's economic sentiment reading was negative in October before rebounding sharply. The ZEW attributes the improving sentiments to declining oil prices and the depreciation of the euro. Despite the positive trend in this sentiment data, the euro continues to be pressured. Thursday's ECB monetary policy decision is looming and the market expects it to announce and give details of QE, so the euro should indeed be bearish-neutral, and not bullish. The EUR/USD consolidated a bit above 1.1460, coming back to almost 1.1640 yesterday. The trend in teh 1H chart is still bearish, especially if price stays below 1.16. (EUR/USD 1H Chart 1/20) A break below 1.1550 would expose the 1.1460 low again, with risk of breaking lower. To the upside, if price extends above the 1.1650 resistance, the next resistance should be around the 1.1725-1.1750 area, which involves a support/resistance area and the 200-hour SMA. The EUR/GBP was trading in a flag pattern to begin the week, but broke below it just before the start of the 1/20 European session. It continued to slide after the ZEW sentiment data, and looks poised to test the 0.76 area with risk of falling further in continuation of the prevailing trend. (eurgbp 1h chart 1/20)If there is a pullback, look out for resistance around 0.7660 to 0.7675, a support/resistance area.