EUR/USD hovering near weekly peak, eyes US Retail Sales

  • EUR/USD is mildly bid above 1.1150 at press time. 
  • The upside is favored if treasury yields extend Wednesday's drop. 
  • Later in the day, the focus will be on US Retail Sales release. 

EUR/USD exited a two-week-long bearish channel on Wednesday and is now trading just a few pips short of the weekly tops near 1.1160.

Dollar offered as T-yields dropped

The single currency traded on a positive note on Wednesday, helping EUR/USD exit a falling channel despite below-forecast Industrial Production and softer Eurozone trade surplus.

Markets offered US dollars as treasury yields slipped amid the rally in the US stocks, triggered by the optimism of the US-China phase-one trade deal.  

Notably, the US 10-year yield fell by nearly three basis points to 1.78% on Wednesday, having declined by five basis points on a preceding day.

If the softer tone in the treasury yields persists, EUR/USD could continue to gain altitude. The bid tone, however, would weaken if the German inflation data, due at 07:00, prints below initial estimates.

Later in the day, all the attention will be on the US Retail Sales, which are forecasted to have risen by 0.3% month-on-month in December, following November's 0.2% rise.

Technical levels

The bearish channel breakout seen in the daily chart indicates the pullback from recent highs near 1.1240 has ended and the spot could rise back above 1.12. The bullish move, however, will likely remain elusive if the US Retail Sales beat estimates by a big margin, reinforcing expectations for a stronger economic performance in 2020. On the downside, key supports are located at 1.1085 (Jan. 10 low), 1.1066 (Dec. 20 low). 


Today last price 1.1153
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.1152
Daily SMA20 1.1142
Daily SMA50 1.1095
Daily SMA100 1.1068
Daily SMA200 1.1138
Previous Daily High 1.1164
Previous Daily Low 1.1118
Previous Weekly High 1.1208
Previous Weekly Low 1.1085
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1147
Daily Fibonacci 61.8% 1.1136
Daily Pivot Point S1 1.1126
Daily Pivot Point S2 1.1099
Daily Pivot Point S3 1.108
Daily Pivot Point R1 1.1172
Daily Pivot Point R2 1.1191
Daily Pivot Point R3 1.1218



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