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EUR/USD rangebound on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/USD is now re-testing the 1.0800 neighbourhood following another disappointment in the US docket.

    EUR/USD within range post-US sales

    The pair kept the composure after US Retail Sales have surprised investors to the downside. In fact, headline sales have expanded at a monthly pace of 0.1% vs. 0.3% anticipated, while Core sales – excluding the Autos sector – have expanded 0.2% inter-month vs. 0.4% forecasted. Further data saw Producer Prices also coming in on the softer side, dropping 0.4% MoM and 1.6% YoY.

    Next of relevance, US Consumer Sentiment tracked by the Reuters/Michigan index is seen at 91.5 for the current month, ahead of the speech by L.Mester.

    EUR/USD levels to watch

    As of writing the pair is losing 0.31% at 1.0775 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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