EURUSD: Retail Sales Figure Disappoints

EURUSD trading flat today at 1.1285 after European Monetary Union Retail Sales, month over month, came in at -0.3% worst than analysts’ expectations of 0.3% for May.  The Retail Sales, year over year, came in at 1.3%, and missed the forecasts of 1.6% in May. The volumes are very low for the pair and the daily range is only 15 pips. Yesterday reported that Americans filing for unemployment benefits fell a more than expected during the previous week. The U.S. Trade Balance recorded at $-55.5B worst than analysts’ expectations from $-54B in May. The US exports increased by 2.0% while the Imports increased by 3.3%.

On the technical side, the short term momentum is neutral. On the downside the pair will find support at 1.1260 the 100 day moving average while more bids will probably emerge at 1.1229 the 50 day moving average. Immediate resistance for the pair stands at 1.13 psychological figure, a break above can lead prices up to 1.1340 the 200 day moving average before an attempt to yearly high. I am still positive for the pair as long as it trades above 1.1260, a break below that level will attract sellers.Don’t miss a beat! Follow us on Twitter.