The EUR/USD pair trades near its weekly low set on Monday at 1.1159, despite German Retail Sales increased 5.3% in January in real terms, compared to a year before. The positive figure helped the pair to bounce up to 1.1211, the daily high, but it was not enough to keep it there.
From a technical point of view, the 4 hours chart shows that the price is retreating from a strongly bearish 20 SMA that's capping the upside since the week started, whilst the RSI indicator turned back south after a limited upward correction from oversold levels. In the same chart, the Momentum indicator failed to overcome the 100 level and turns lower, all of which supports additional declines if the price breaks below the mentioned daily low, eyeing then a steady slide towards the 1.1097 price zone, this year low.
The main resistance is now the mentioned 20 SMA in the 1.1210 price zone, with a break above favoring a run up to 1.1250, where selling interest will likely contain any other attempt of advancing.
View Live Chart for EUR/USD
From a technical point of view, the 4 hours chart shows that the price is retreating from a strongly bearish 20 SMA that's capping the upside since the week started, whilst the RSI indicator turned back south after a limited upward correction from oversold levels. In the same chart, the Momentum indicator failed to overcome the 100 level and turns lower, all of which supports additional declines if the price breaks below the mentioned daily low, eyeing then a steady slide towards the 1.1097 price zone, this year low.
The main resistance is now the mentioned 20 SMA in the 1.1210 price zone, with a break above favoring a run up to 1.1250, where selling interest will likely contain any other attempt of advancing.
View Live Chart for EUR/USD
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