FxWirePro: EUR/USD drops below 1.0750 as strong U.S. retail sales data boosts dollar
The EUR /USD pair declined on Tuesday as dollar rose across the board after US retail sales data came better than expected. U.S. retail sales rose more than expected in October. Retail sales increased 0.8 percent last mo…
The EUR /USD pair declined on Tuesday as dollar rose across the board after US retail sales data came better than expected.
U.S. retail sales rose more than expected in October. Retail sales increased 0.8 percent last month, boosted by demand for building materials likely as households cleaned up and made repairs in the wake of Hurricane Matthew.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0850 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0783, a break above this level would expose the pair to next resistance level at 1.0850.
To the downside, immediate support can be seen at 1.0716, a break below at this level will open the door towards next level at 1.0699.
