EUR/USD Tests Support Ahead of US Retail Sales and CPI
May 12, 2017 12:00 pm
EUR/USD has retraced around 1.15% post the second-round vote of the French presidential election. The retracement was held above the support line at 1.0850 since yesterday. On the 4-hourly chart, the 10 SMA is crossing over the 20 SMA, indicating the bearish momentum is waning. The daily Stochastic Oscillator reading is below 20, suggesting a rebound. However, if the support line at 1.0820 is broken, then we can expect an extended downtrend. We will see the release of a set of crucial US data for April at 13:30 BST today; retail sales, retail sales excluding autos, CPI and core CPI. Please be aware that it will likely affect USD and USD crosses along with commodities. With better-than-expected readings, it will likely weigh on EUR/USD, and tests supports. With lower-than-expected readings, it will likely push EUR/USD up, and tests resistances. The resistance level is at 1.0880, followed by 1.0900 and 1.0930. The support line is at 1.0850, followed by 1.0835 and 1.0820. Source: FX Pro Market Snapshot
EUR/USD has retraced around 1.15% post the second-round vote of the French presidential election. The retracement was held above the support line at 1.0850 since yesterday. On the 4-hourly chart, the 10 SMA is crossing over the 20 SMA, indicating the bearish momentum is waning. The daily Stochastic Oscillator reading is below 20, suggesting a rebound. However, if the support line at 1.0820 is broken, then we can expect an extended downtrend. We will see the release of a set of crucial US data for April at 13:30 BST today; retail sales, retail sales excluding autos, CPI and core CPI. Please be aware that it will likely affect USD and USD crosses along with commodities. With better-than-expected readings, it will likely weigh on EUR/USD, and tests supports. With lower-than-expected readings, it will likely push EUR/USD up, and tests resistances. The resistance level is at 1.0880, followed by 1.0900 and 1.0930. The support line is at 1.0850, followed by 1.0835 and 1.0820.
Source: FX Pro Market Snapshot
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