German Retail Sales (MoM) declines to -3.2% , EURUSD remains under pressure !

EURO data
EURO data

German Retail Sales measures the change in the total value of inflation-adjusted sales at the retail level, excluding automobiles and gas stations. It is the primary indicator of consumer spending, which accounts for the majority of economic activity.

Usual Effect: A high reading or a better than expected number is seen as positive for the EUR, while a low reading is negative.

Frequency: Released monthly, about 30 days after the month ends.

Last Read :1.5%

Expectations : -1.0%

Actual : -3.2%

Volatility : Medium 

Market Impact :A reading between 1.5% : – 3.5% will bring sideways move with risk to break lower.

Technical Outlook : Intraday outlook in EURUSD remains on the downside as long as resistance 1.2630 holds on a 4 hour closing basis , support at 1.2546 levels ,a cut will open 1.2470 levels ahead of the 1.2370 levels , a clear break above the 1.2630 will turn outlook neutral towards the 1.2685/1.2725 levels .

Support and resistance : 1.2300 , 1.2375 , 1.2475 , 1.2545 , 1.2630 , 1.2685 , 1.2725 , 1.2770

Strategy  : Sell at rebound …

Today , Focus will be  on  the high importance EURO zone CPI (YoY) (Oct) ,  at 10:00 GMT

 

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