- German retail trade data outpaced expectations in July, but the data failed to impress EUR bulls
- Retail turnover rose 1.4% m/m in July, up from a 2.3% decline recorded in June, coming in above market expectations of a 1.1% increase
- EUR/USD slipped further after the data, easing to 1.1233, pared some losses to currently trade at 1.1240
- Strong resistance seen at channel top by 1.1261, breaks above could see pair at 1.1300 levels
- Short-term bias remains lower, Stochs poised for a bearish crossover, hourly price action well below the cloud
- Session lows by 1.1233 offer support on the downside, break below could see the pair at 1.2000 levels
- Markets now shift focus towards Euro zone CPI figures due later this session, inflation expected to register a 0.1% increase y/y
Recommendation: Good to sell rallies around 1.1240, SL: 1.1265, TP: 1.1200
The material has been provided by InstaForex Company – www.instaforex.com