The German Manufacturing PMI falls 51.5, from 51.8 a month earlier. Missing a forecast of 51.8 in the last month. The EURUSD crashed on the negative news from Germany. Slipped below 1.1300 level. At the moment trades around 1.1300 level. Immediate support comes 1.1285 level ( static daily chart support). A halt is likely, it may test 1.1315/1.1330 before attempts to break below 1.1285 level.
Now, the focus will be on U.S retail sales data 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. Anyway; U.S data should bring a selling opportunity.
According to the one hour chart; The pair broke below the symmetrical triangle suggesting a strong bearish momentum so selling the pair on the bounce to the upside is recommended. But on the 4-hour chart, the pair slipped below a larger symmetrical triangle suggesting a strong bearish move. Almost 35 minutes is left for the next H4 closure. Check the post back for updates…
Support: 1.1285, 1.1250, 1.1215
Resistance: 1.1330, 1.1360, 1.1392