$EURUSD Forecast: Upbeat US data likely to fuel the good mood by valbednarik forex trading
US Retail Sales surprisingly soared by 3.8% in January.Financial markets remain mildly optimistic on Wednesday, amid hopes of receding geopolitical tensions between Moscow and Crimea. TheThe soup drama between Russia and Ukraine, however, is not yet over, as the NATO Secretary-General said that he is not seeing evidence of Russian withdrawal: "On the contrary, it appears that Russia continues their military buildup," he stated.
As investors await Wall Street's opening, stocks struggle to post gains, with European indexes hovering around their opening levels. Government bond yields, on the other hand, remain at the upper end of their weekly range. During the London session, the EU released December Industrial Production, which came in better than anticipated, up 1.2% MoM. The US published January
, which surged by 3.8% in the month, much better than anticipated. Later today, the US Federal Reserve will release the Minutes of the latest FOMC meeting.The EUR/USD pair is marginally higher on a daily basis, trading in the 1.1360 price zone. In the daily chart, the pair is developing above a directionless 20 SMA while below a bearish 100 SMA.
The pair is also neutral in the 4-hour chart, as technical indicators keep lacking directional strength and are stuck around their midlines. The pair is holding above a firmly bearish 20 SMA, which stands a few pips below the current level. The bearish case will become firmer if the pair breaks below 1.1350, the immediate support level.
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