EURUSD declines after US retail sales

Peter Bukov Axiory Global Ltd.

The EURUSD pair was trading near daily lows at around 1.1130 during the US session as traders bought the greenback after today's macro data.

The headline US retail sales rose 0.3% as expected, ex-autos saw a significant 0.7% monthly surge in December (better than the expected 0.5% rise), best since July. Moreover, the control group - which is used for GDP calculation purposes - rose 0.5% month-on-month, better than expected.

Additionally, the Philly Fed Business Outlook survey rosed sharply from a revised 2.4 to 17.0 (crushing expectations of 3.8). The US dollar notched higher after these numbers.

The pair looks ready to test the short-term uptrend line, which is currently near 1.1125. This is the first strong support for the euro. If the pair declines below this trend line, the short-term trend could change back to bearish, targeting previous swing lows near 1.1090.

Alternatively, the resistance seems to be at around 1.1150 and afterwards at this week's highs of 1.1170. Volatility remains small on the FX markets, compared to equities.

Author

Peter Bukov

Axiory Global Ltd.

Peter Bukov is one of Axiory’s leading analysts. He has a master’s degree in Corporate Finance and is highly sought after as a teacher of Forex trading at various universities in Slovakia.

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