EURUSD Remains Vulnerable Amid US Retail Sales News
FXOpen
The Euro (EUR) inched higher against the US Dollar (USD) on Monday, increasing the price of EURUSD to more than 1.0975. The technical bias, however, remains bearish because of a Lower Low in the recent wave.
Technical Analysis
As of this writing, the pair is being traded near 1.0987. A support can be seen around 1.0952, the horizontal support area ahead of 1.0912, the swing low of the latest major downside move and then 1.0900, the psychological number.
On the upside, the pair is expected to face a hurdle near 1.1110, a major horizontal resistance area ahead of 1.1280, another major horizontal resistance and then 1.1366, the swing high of the latest major upside rally.
US Retail Sales
Household spending and the broader U.S. economy remain on track for decent growth despite growing consumer angst over the heated presidential campaign. Sales at retail stores, online retailers and restaurants rose a seasonally adjusted 0.6% in September from the prior month, matching economists’ expectations for a rebound after sales fell 0.2% in August, the Commerce Department reported Friday. Stronger auto sales and rising gasoline prices boosted the headline figure last month, and spending excluding gas and autos rose a more modest 0.3%, though that was still the best gain in three months.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair on short term rallies still appears to be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
European Currencies Decline Amid Rising Geopolitical Risks
European currencies are moving into a corrective decline after recent attempts to hold above key levels, with the current move driven by escalating geopolitical tensions and stronger demand for safe-haven assets. The partial closure of the Strait of Hormuz and
Market Analysis: AUD/USD and NZD/USD Flash Early Signs of Bullish Recovery
AUD/USD is attempting a fresh increase from 0.7115. NZD/USD is consolidating and could aim for a move above 0.5930 in the short term.
Important Takeaways for AUD/USD and NZD/USD Analysis Today
• The Aussie Dollar
DAX Uptrend at Risk from Fundamentals
March proved to be one of the weakest months for the German index in recent years, though conditions stabilised by mid-April. At present, the DAX (Germany 40 mini on FXOpen) is showing a solid recovery, trading around 24,650. The