- SWFX market sentiment is 51% bearish today
- Pending orders in the 100-pip range are 57% to sell
- No more relevant data releases this week
By the middle of Thursday's trading session the EUR/USD currency exchange rate had remained near the 1.1400 mark. During the morning hours the pair had managed to pass resistance level near the 1.1400 level, which indicated that a surge up to the upper trend line of the dominant descending pattern might occur.
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.
Canadian CPI is the last notable release this week
There are no mentioning worth data releases scheduled for Thursday. However, there is still a data release to wait for this week.Note that on Friday at 13:30 GMT the Canadian CPI and Core Retail Sales data will be published.
The data release 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
On the hourly chart one can observe that the currency exchange rate has passed as resistance cluster at the 1.1400 mark. The rate is set to test resistance levels at 1.1450 level.If those levels are broken, then the 1.1490 level will be targeted next. On the other hand a bounce off from the 1.1450 level and a decline down to the 1.1410 level is more likely.
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. By the middle of Thursday's trading session the sentiment was 51% short.
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. Meanwhile, the rate has begun a short term surge.