UPBEAT US RETAIL SALES SUPPORT 'TRIANGLE CASE' IN EUR/USD

A decent US retail sales report keeps rate hike hopes alive. The number for July grew 0.6% after a revision showed sales were flat in June. Retail sales ex autos, considered a more accurate metric, grew 0.4% vs -0,1% last month. Dollar gained support after the release. On the other hand, initial jobless claims ticked higher to 274,000 from 269,000 last week, which curbed USD advance.

I am sticking to the Triangle pattern development in EUR/USD. As predicted in the last post, the price reached the first resistance cluster at 1.1168-1.1195, and bounced off. There are two scenarios: either Wave C is complete and the pair is likely to slide back to 1.0902-1.0962 area; or another upward move will help it reach 1.1255-1.1287 cluster.