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- Falling to reach 1.06, announced exhausted sellers.
- The fundamentals should be decisive today.
- Taking out 1.0665 activates a larger growth.
The EUR/USD price is trading in the green at 1.0640 at the time of writing. The pair looks positive to recover some of the recent losses. However, the US dollar remains bullish, and further growth should force the Euro to lose ground.
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The currency pair reached a new lower low of 1.06023 today. The downside pressure was high as the US retail sales data came in better than expected. The Retail Sales indicator reported a 0.7% growth versus the 0.4% growth estimated, while Core Retail Sales reported a 1.1% growth, beating the 0.5% growth forecasted.
Today, the Euro received a helping hand from the Eurozone ZEW Economic Sentiment, which came in at 43.9 points, above 37.8 points estimated, and from the German ZEW Economic Sentiment, the indicator jumped from 31.7 points to 42.9 points, above 35.9 forecasts.
Later, the Canadian inflation figures could bring sharp movements in this market as well. Also, the US will release the Industrial Production, Capacity Utilization Rate, Building Permits, and Housing Starts data. Poor economic figures should weaken the greenback.
EUR/USD Price Technical Analysis: Bounce Back
From the technical point of view, the EUR/USD price failed to break the 1.06 psychological level, signaling sellers’ exhaustion.
The pair has failed to stay below the lower median line (lml) of the descending pitchfork, and now it has passed above the immediate downtrend line, indicating a potential rebound.
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The price action signaled a bullish divergence as well. However, it’s premature to talk about a shift in the trend as the pair is far from bullish territory. I think only taking out the 1.0665 may activate a significantly higher swing.
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