Sell on a level breakthrough of 0.7713 with 0.7650 target. Stop loss = 0.7763.
Reason for the trading strategy
The statistics on the US retail sales published yesterday were worse than expected. The April figure was revised upwards from 0% to 0.2% (m/m). In May, sales rose by 1.2% (m/m), while the core index, which does not take into account car sales, rose by 1% (m/m) with a forecast of 0.7% (m/m). The statistics reflects growth in consumer spending in the US, which forms more than 70% of GDP, and increases the likelihood of the US Federal Reserve tightening the interest rate policy in September.