EURUSD: Consolidates With Downside Bias Below 1.1370…
As long as 1.1370 resistance holds on a daily closing basis, the EURUSD remains neutral with risk to break lower. Support comes at 1.1285 level. A cut below support restores the downside momentum and opens 1.1215, further down, support comes at 1.1155 level.
On the upside, resistance comes at 1.1370 level. A break will open 1.1422. it may test 1.1370 before attempts to move higher. Anyway; above 1.1422 aims 1.1465 level, next resistance comes at 1.1537 level.
Conclusion: The EURUSD sees downside risk below 1.1370 level with caution:
Support: 1.1285, 1.1215, 1.1155, 1.1080
Resistance: 1.1370, 1.1422, 1.1465, 1.1537
- Germany will report on Manufacturing PMI (Dec) at 08:30 GMT. Analysts expect it to remain unchanged as the previous month at 51.8. Above forecast will challenge 1.1470 levels.
- The U.S will report on Retail Sales at 13:30 GMT. Analysts expect a fall to 0.1%, from 0.8% a month earlier. Core Retail Sales is also expected to fall 0.2%, from 0.7% in the previous month. Above forecast is negative for EURUSD.