FxWirePro: EURUSD trades lower on upbeat US retail sales, good to sell on rallies
EURUSD trades weak and hits 1- week low after US retail sales and below estimate German PMI data. The latest Markit PMI data shows than Euro zone manufacturing is in depression mode especially Germany which came at 44.5 compared to forecast of 45.20. But US retail sales m/m came at 1.6% compared to estimate of 0.9% and US jobless claims decreased to 193k vs estimate 205k. It hits low of 1.12360 and is currently trading around 1.12488.
On the lower side, near term support is around 1.12300 and any break below will drag the pair till 1.1200/1.11760. Any violation below will take the pair to next level till 1.11500/1.1100.
The near term resistance is around 1.12685 and any convincing break above targets 1.1300/1.13350. Any jump above 1.13350 confirms minor bullishness.
It is good to sell on rallies around 1.12680-700 with SL around 1.1300 for the TP of 1.11760.
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