Retail sales in the U.S rises to 0.9% below expectations 1.0% , while core sales also jumps to 0.4% below expectations 0.6% .
This development puts the US dollar under heavy pressure especially against British pound , anyway, let’s say market changes after US data ?!!!
EURUSD : Despite the strong rebound we witnessed today , EURUSD remains under pressure and further decline couldn’t be ruled out , at the moment of writing the pair is around 1.0670 levels , note that any rise below 1.0762 is limited ………..On the 4 hour chart , resistance comes at the 1.0645 levels , sustained breakout above this level will open main resistance on daily at the 1.0762 levels before the next fall ….”sudden collapse couldn’t be ruled out below 1.0762″ !!
GBPUSD : GBP is the most benefited from US News , At the moment it’s the strongest against the US dollar , the pair enters the recovery mode , a short term support has been printed at the 1.4565 ….so as long as 1.4680 support holds , the pair remains in recovery mode and further upside is likely towards the 1.4885 levels , buy the pair on dips as long as it trades above the 1.4680 levels..
USDJPY: the pair is under pressure ,It’s hovering around the critical support 119.35 , we might see hesitation around this level , but a clear break below 119.35 will confirm topping at the 120.84 levels and open 118.70/118.32 levels….a failure to hold below the 119.35 levels could mean a return to the 119.79/120.16 levels before the next fall, sustained breakout above the 120.16 will restore the upside momentum …………