- SWFX market sentiment is 50% bearish today
- Pending orders in the 100-pip range are 59% to sell
- First data release of the week at 13:30 GMT
The EUR/USD has given new information to technical chartists. Namely, note the adjustment of the large scale descending pattern.
The European Single Currency appreciated against the US Dollar, following the US Retail Sales data released on Thursday at 13:30 GMT. The EUR/USD exchange currency rate gained 5 pips or 0.05% during a minute, right after the release. The European single currency continued trading at the 1.1305 area against the US Dollar.
The Census Bureau released US Retail Sales data that came out better than expected of 0.8%, compare to forecasted 0.6%.
Advance estimates for US retail sales increased 0.8% over last month in October, higher than consensus expectations of a 0.5% pace of increase. Retail sales were downwardly revised to see a pace of decrease of 0.1% in September, the Commerce Department said in a statement Thursday.
US data will be released on Wednesday
On Wednesday, the US statisticians will publish the US Durable Goods Orders and Core Durable Goods Orders data sets at 13:30 GMT.In addition, at 15:30 GMT the US Crude Oil inventories data release will be published.
Meanwhile, note that the second notable fundamental data release day of the week will be Friday. At 13:30 GMT the Canadian CPI and Core Retail Sales data will be published.
All of these data releases can be watched live on the Dukascopy Webinar platform and the Dukascopy Webinars YouTube channel. Join ten minutes before the event to see the cover.
EUR/USD daily review
In regards to the near-term future, most likely, the currency exchange rate will move upwards to break the resistance of the 200-hour simple moving average to trade near the weekly pivot point at the 1.1384 mark.On the other side, the 200-hour simple moving average could resist the currency exchange pair to push the rate to trade at the 1.1320 level during the day.
Hourly Chart
Note that the recent surge above the 1.1400 mark has provided another reference point that can be used to adjust the long term descending channel pattern.
In general, it is expected that the decline will continue in the borders of the pattern.
Daily chart
On Wednesday, traders were neutral on EUR/USD, as trader open positions are balanced 50/50.
Meanwhile, traders are still prepared to sell the EUR/USD, as 60% of all trader set up orders are bearish.
In general, traders are expecting sell signals, as they have set up sell orders, which would open short positions.