The EUR/USD pair has been moving sideways since the 8th of February 2016, with the price ranging between the levels of 1.1376 and 1.1160.
During the course of the day on Thursday, the pair advanced from 1.1276 up to 1.1376. Today, the pair fell considerably from 1.1333 down to 1.1225, after the release of U.S. retail sales figures and the latest reading of inventory and consumer confidence data. In the event that the sellers keep exerting strong pressures and the price breaks below 1.1197, the pair could find support at 1.1168 and 1.1145 respectively.
On the flip side, in the scenario where the price breaks above the previous day’s highs of 1.1375, the pair could escalate up to 1.1408 and 1.1469 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.