EUR / USD returns above 1.1800 after US data

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  • The dollar loses moment at the beginning of the American session.
  • EUR / USD clears daily losses, still negative for the week.

The EUR / USD bottomed out at 1.1791 before US retail sales data and then bounced back above 1.1800. At the start of the American session, it is trading at 1.1811, neutral for the day, although negative for the week.

The rebound occurred due to a loss of strength of the dollar in the market, accompanying a rise in the stock markets and despite an increase in the yields of Treasury bonds. Price movement remains limited in the market in the last session of the week.

The US retail sales report showed a 0.6% increase in June, beating expectations, although downward revisions in May detracted from optimism. The wholesale inventory report for May and the consumer confidence data for July will be published shortly.

The focus is also shifting to what will be the meeting of the European Central Bank next week. The first after the announcement of the new strategy, so changes in the language are expected. For the new measures, analysts indicate that we will have to wait a little longer.

Technically the EUR / USD continues to offer some weakness, although returning back above 1.1800 acts as a limiting factor. Just a comeback over 1.1880 it would be expected to change the current negative short-term bias for the euro.

Technical levels

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