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EUR/USD hits fresh daily lows after US retail sales

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD faced renewed pressure and posted fresh daily lows as the US dollar received a boost from stronger-than-expected US retail sales.

    Retail sales in the US rose 0.2% in January to a seasonally adjusted $449.9 billion. Sales were expected to grow by 0.1%. Meanwhile compared with a year earlier, retail sales increased 3.4%. Separated data showed US import prices declined by 1.1% in the same period, slightly above expectations of a 1.2% drop.

    US dollar reacted positively and dragged EUR/USD about half a cent lower over the last minutes and hit a low of 1.1227. At time of writing, the pair is trading at 1.1242, recording a 0.69% loss on the day, having pulled back from a 3 ½-month peak of 1.1375 scored on Thursday.

    EUR/USD technical levels

    As for technical levels, next resistances are seen at 1.1375 (Feb 11 high), 1.1410 (Oct 13 high) and 1.1494 (Oct 15 high). On the other hand, supports could be faced at 1.1160/63 (Feb 9, 10 lows/10-day SMA), 1.1057 (200-day SMA) and 1.0967 (100-day SMA).
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