EUR/USD consolidates the slide near 1.1250, US retail sales eyed

  • Dismal Eurozone data refuel global growth worries.
  • The Euro hammered broadly alongside risk assets.
  • Some consolidation likely ahead of US economic releases.

The bears appear to have taken a breather last hour, allowing a brief consolidative mode in the EUR/USD pair near the midpoint of the 1.12 handle, as they await the US macro releases for the next push lower.

The spot stalled its sell-off but remains within a striking distance of fresh weekly lows reached at 1.1244 after the much-awaited German and Eurozone manufacturing PMI numbers disappointed markets and re-ignited Euro area growth concerns that intensify global economic slowdown fears.

On the data release, the Euro eroded as much as 50-pips against its American counterpart and finally broke its range trade around the 1.13 handle witnessed so far this week. From a technical perspective, the major remained exposed to downside risks given the repeated failure to close above the 1.13 handle and the double top formed at the 1.1325 key resistance.

As explained by Haresh Menghani, FXStreet’s Analyst, “oscillators have been gaining negative traction on 4-hourly/daily charts but are already pointing to slightly oversold conditions on the 1-hourly charts, warranting some consolidation. However, the set-up now seems to have turned firmly in favor of bearish traders and hence, a follow-through weakness, towards testing the 1.1200 mark, remains a distinct possibility.”

Looking ahead, all eyes remain on the US data flow, including the key retail sales, Philly Fed manufacturing gauge and jobless claims, for further trading momentum, as the US dollar remains in weekly tops vs. its major peers amid souring risk appetite.

EUR/USD Technical Levels


Today last price 1.1252
Today Daily Change -0.0044
Today Daily Change % -0.39
Today daily open 1.1296
Daily SMA20 1.1264
Daily SMA50 1.1298
Daily SMA100 1.1349
Daily SMA200 1.1443
Previous Daily High 1.1324
Previous Daily Low 1.1279
Previous Weekly High 1.1326
Previous Weekly Low 1.1213
Previous Monthly High 1.1448
Previous Monthly Low 1.1176
Daily Fibonacci 38.2% 1.1307
Daily Fibonacci 61.8% 1.1296
Daily Pivot Point S1 1.1275
Daily Pivot Point S2 1.1254
Daily Pivot Point S3 1.1229
Daily Pivot Point R1 1.132
Daily Pivot Point R2 1.1345
Daily Pivot Point R3 1.1366



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