German investor sentiment unexpectedly deteriorated in November, the ZEW research institute said Tuesday, noting a drop in its economic sentiment index to 38.5 points from 39.3 points the previous month.

The German government has approved a sharp increase in public spending aimed at defense and infrastructure, hoping to plug gaps in long-stalled investment and pull the economy out of a two-year slump.

The index is based on a survey of analysts at German banks, insurance companies and industrial firms. With a range from minus 100 to plus 100, it reflects expectations for future economic development. EUR/USD continues to remain in the range of 1.1550-1.1580. If the decline resumes, the area of 1.1400-1.1440 remains relevant as a potential support zone. On the upside, resistance may be found at 1.1640.