EUR/USD Analysis: Support at 1.1345/1.1300, resistance at 1.1400/1.1430
Our preference: short positions below 1.1395 with targets at 1.1340 & 1.1310 in extension.Alternative scenario: above 1.1395 look for further upside with 1.1420 & 1.1445 as targets.
EUR/USD has ticked lower in the Thursday session, after posting slight losses on Wednesday. Currently,
the pair is trading at 1.1378, down 0.13% on the day. On the release front,
German retail sales fell to a 3-month low, with a reading of -0.3%. This was well off the estimate of 0.4%. In the eurozone, CPI is expected to edge lower to 2.1% and the unemployment rate is forecast to dip to 8.0%. In the U.S., there are no major indicators. Chicago PMI is expected to edge up to 58.6 points. As well, the G-20 begins a 2-day summit in Argentina.
German numbers have been sagging, and there was more grim news on Friday, as retail sales posted its first decline since July.
Consumers are holding tighter to the purse strings, which is hurting economic growth. Unsurprisingly, consumer confidence softened in November – the reading of 10.4 points was its lowest level since May 2017.