Overall, EUR/USD is ranging across. Recently, EUR/USD trended into the support zone of 1.19700 due to the strengthening of USD after Federal Reserve Chairman Jerome Powell said in a speech that he expects inflation to rise in the near future but is insufficient to trigger a rate hike from the central bank.
The eurozone retails sales m/m data released yesterday indicated a strong decline in consumer spending while unemployment rate declined slightly.
Look for selling opportunities of EUR/USD if it breaks the support zone of 1.19700.
The eurozone retails sales m/m data released yesterday indicated a strong decline in consumer spending while unemployment rate declined slightly.
- Retail Sales m/m (Actual: -5.9%, Forecast: -1.4%, Previous: 1.8% revised from 2.0%)
- Unemployment Rate (Actual: 8.1%, Forecast: 8.3%, Previous: 8.1% revised from 8.3%)
Look for selling opportunities of EUR/USD if it breaks the support zone of 1.19700.