- EUR/USD failed to break above 1.1210 levels and is hovering near 1.1110 levels ahead of U.S. retail sales data.
- U.S. retail sales data is expected to rebound to 0.5% in July, as compared to -0.3% in June.
- Strong data could trigger a near-term pullback and drag the pair below 1.1046 levels (55 EMA).
- Immediate resistance is seen at 1.1190 (high ) and a break above could see the pair testing 1.1215 (high ).
- U.S. Initial Jobless Claims, scheduled along with retail sales, are seen at 270K in the week ended on August 7.
Resistance Levels:
R1: 1.1190 (high Aug 13)
R2: 1.1215 (high Aug 12)
R3: 1.1244 (high Jun 30).
Support Levels:
S1: 1.1046 (55 EMA)
S2: 1.0974 (20 DMA)
S3: 1.0855 (low Aug 7)
