- – The Euro moved higher against the US Dollar from the 1.0400 low, and moved towards 1.0600.
- – The EUR/USD pair is currently facing a major resistance near 1.0600 formed with two bearish trend lines on the 4-hours chart.
- – In the Euro Zone today, the German Retail Sales released by the Statistisches Bundesamt Deutschland posted an increase of 3.2% in Nov 2016.
German Retail Sales
In the Euro Zone today, the Retail Sales figure, which is a measure of changes in sales of the German retail sector was released by the Statistisches Bundesamt Deutschland for Nov 2016.
The market was expecting no major increase in Nov 2016, compared with the same month a year ago. However, the result was positive, as there was a rise of 3.2%, which was a lot more than the last decline of -0.8% (revised). In terms of the monthly change, there was a decline of 2.5%, which was disappointing. The report added that the “estimation is based on data for the first eleven months of 2016. In this period retail turnover was in real terms 1.9% and in nominal terms 2.2% larger than that in the corresponding period of the previous year”.
Overall, the result was not impressive enough to lift the Euro further against the US Dollar, as it continued to face sellers near 1.0620.
EUR/USD Technical Analysis
The Euro traded positively recently against the US Dollar after forming a bottom near 1.0339. The EUR/USD pair moved higher, and broke the 100 simple moving average on the 4-hours chart for a move above 1.0500.
The pair is currently facing a major hurdle near 1.0600-20 formed with two bearish trend lines on the 4-hours chart. The trend lines are important, as a break above them may open the doors for an upside move towards 1.0700.
I think there is a chance that the pair may correct towards the 23.6% Fib retracement level of the last wave from the 1.0339 low to 1.0614 high where it may find support. Overall, the trend is positive for the Euro and any major dips from the current levels may find support near 1.0550 and 1.0520.Tags: Dollar, EUR/USD Technical Analysis, Euro, German Retail Sales, US Dollar