EUR/USD Moves Off Lows after US Retail Sales
moved off daily lows and trimmed intraday losses following the release
of disappointing US retail sales and producer prices data.
US retail sales fell 0.3% to a seasonally adjusted $446.89 billion in March, missing expectations of a 0.1% increase while compared with a year earlier, March sales grew 1.7%. Excluding automobiles sales rose 0.2%, below the 0.4% rise expected.
Meanwhile, producer prices data also came on the soft side, with March headline and core indexes falling 0.1% each.
The US dollar weakened slightly, sending EUR/USD to the 1.1325 zone, from 1.1300 prior data. At time of writing, the pair was trading at 1.1320, still recording a steep 0.55% loss on the day.
EUR/USD technical levels
In terms of technical levels, next supports could be found at 1.1283 (Mar 30 low), 1.1178 (50-day SMA) and 1.1144 (Mar 24 low). On the other hand, resistances line up at 1.1382/90 (10-day SMA/Apr 13 high), 1.1464 (2016 high, Apr 12) and 1.1494 (Oct 15 high).