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    EUR/USD: Dropping to 1.1306 on strong U.S. retail sales report

    North American Session
    The EUR/USD has been trading sideways since the 5th of May 2016, with the price ranging broadly between the levels of 1.1448 and 1.1358.

    The major fell from 1.1427 down to 1.1375 during the course of the day on Thursday. Today, after consolidating for a while, the pair fell to the area around 1.1342 during the European morning. At the start of the North American Session and following the release of a strong U.S. retail sales report, which marked the fastest growing pace in 13 months, the price dropped sharply to the session low of 1.1306.

    In the event that the price keeps falling and breaks below 1.1294, the pair could find support at 1.1264 and 1.1216 in extension.

    Alternatively, in the scenario where the price breaks above1.1360, the pair could escalate up to 1.1403 and 1.1447 respectively. 

    Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.

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