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EUR/USD moves off lows after US retail sales

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD moved off daily lows and trimmed intraday losses following the release of disappointing US retail sales and producer prices data.

    US retail sales fell 0.3% to a seasonally adjusted $446.89 billion in March, missing expectations of a 0.1% increase while compared with a year earlier, March sales grew 1.7%. Excluding automobiles sales rose 0.2%, below the 0.4% rise expected.

    Meanwhile, producer prices data also came on the soft side, with March headline and core indexes falling 0.1% each.

    The US dollar weakened slightly, sending EUR/USD to the 1.1325 zone, from 1.1300 prior data. At time of writing, the pair was trading at 1.1320, still recording a steep 0.55% loss on the day.

    EUR/USD technical levels

    In terms of technical levels, next supports could be found at 1.1283 (Mar 30 low), 1.1178 (50-day SMA) and 1.1144 (Mar 24 low). On the other hand, resistances line up at 1.1382/90 (10-day SMA/Apr 13 high), 1.1464 (2016 high, Apr 12) and 1.1494 (Oct 15 high).
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