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EUR/USD Tests Support Ahead of US Retail Sales and CPI

EUR/USD has retraced around 1.15% following the French presidential election result.

Its retracement has held above the support line at 1.0850 formed yesterday.

The 4-hourly chart is showing that the 10 SMA is crossing over the 20 SMA suggesting that bearish momentum is waning.

The daily Stochastic Oscillator reading is below 20 further suggesting a rebound.

However, if the support line at 1.0820 is broken then we can expect an extended downtrend.

We will see the release of a set of crucial US data for April at 13:30 BST today; retail sales, retail sales excluding autos, CPI and core CPI. Please be aware that it will likely affect USD and USD crosses along with commodities.

With better-than-expected readings it will likely weigh on EUR/USD and tests supports.
With lower-than-expected readings it will likely push EUR/USD up and tests resistances.

The resistance level is at 1.0880, followed by 1.0900 and 1.0930.
The support line is at 1.0850, followed by 1.0835 and 1.0820.


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