On Thursday morning, the EUR/USD currency pair traded near the 2018/2019 minimum located at the 1.1141.
If the 55- and 100-hour simple moving averages continue to push the pair down, it could reach the lower boundary of the medium-term channel at 1.1120.
The European Common Currency traded sideways against the US Dollar, following the US Retail Sales data release on Thursday at 12:30 GMT. The EUR/USD exchange currency rate lost 9 pips or 0.08% right after the release. The Euro continued trading at the 1.1245 level against the US Dollar.
Census Bureau released the US Core Retail Sales data that came out better-than-expected of 1.2% compared with forecast 0.7%.
According to experts, the US retail sales showed the fastest growth since late 2017. In March, sales for automobiles, petrol, furniture and clothing surged. This advance might signal that consumers tend to spend more due to the healthy job market.
Last week of the month
During this week, there will be a couple of macroeconomic events to watch, avoid or trade.
On Thursday, the US Durable Goods Orders data will be published at 12:30 GMT. This event can cause a move of up to 20 base points.
The data will end on Friday, as at 12:30 GMT the US Advance GDP will be published. This is the top US data set, which has the largest impact on the USD.
Meanwhile, check out the previous data release covers and economic calendar analysis on the Dukascopy Webinars YouTube channel.
EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair renewed the 2018/2019 minimum located at 1.1141.Given that the pair is still pressured by the 55– and 100-hour SMAs, currently located circa 1.1220, it is expected, that bears could continue to prevail in the market. The nearest downside target is the lower boundary of the medium-term channel located circa 1.1120.
However, if the given minimum holds, it is likely, that the exchange rate tries to reverse north. In this case, the rate would have to surpass the resistance level formed by the weekly S2 and the Fibonacci 62.00% retracement at 1.1178.
Hourly Chart
The EUR/USD exchange rate is still pressured by the 55-day SMA. Also, the rate surpassed the support level formed by the Fibonacci 61.80% retracement at 1.1203.
It is likely, that the given moving average continues to push the rate lower. The nearest support level to look out for is the monthly S1 at 1.1114.
Daily chart
On the Swiss Foreign Exchange, 72% of the total open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range were almost bearish. Namely, 58% of all orders were set to sell.