FXStreet (Edinburgh) - EUR/USD has faded the spike to the 1.0950/60 area earlier this week, shifting the focus of attention to US Retail Sales due later in the NA session. Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued “scope remains for a probe into tougher resistance at 1.10/1.1060 – recent highs and the 200 day ma and these should act as an effective near term ceiling. Key resistance remains the 1.1062/91 2014-2016 downtrend and 55 week ma and we view the market as bearish while capped here”. In addition, Analyst at Danske Bank Kristoffer Lomholt said “Fed rate hike expectations have declined substantially this year and while falling US interest rates should increase upward pressure on EUR/USD, less Fed tightening on the other hand is supportive for risk sentiment, which would tend to send EUR/USD lower. In all, these two opposing forces imply that EUR/USD might be kept in range”. For more information, read our latest forex news.