EUR/USD rises for a second consecutive day after weak US retail sales data, but its recovery could be derailed if the upcoming US PPI report shows limited progress on disinflation.
EUR/USD extended its recovery on Thursday after bouncing off support around the 1.0700 mark earlier in the week. If gains accelerate in the coming days, confluence resistance near 1.0800 will be the first barrier against further advances. Above this area, the focus will be on the 200-day simple moving average at 1.0825, followed by 1.0890, the 50-day simple moving average.
On the flip side, if sellers return and trigger a bearish reversal, initial support looms at 1.0700, as noted above. Bulls will need to vigorously defend this floor; failure to do so could usher in a pullback towards 1.0650. Additional losses beyond this threshold could reinforce downward momentum, setting the stage for a drop toward 1.0520.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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