EUR/USD Drops After Strong U.S. Retail Sales Data
FxGrow | May 16, 2016 06:13AM ET
EUR/USD drops after strong US retail sales data
The euro fell against the US dollar as US retail sales data beat expectations.
The EUR/USD lost upside momentum and turned lower after a shooting star candlestick appeared above 1.1600 zone. The EUR/USD is still losing ground, especially as US economic data started stronger than expected. At the same time the SSI remains short, and breaking the strong support point 1.1290 will put the euro in a bearish territory to touch near-term support levels 1.1260, 1.1220 and 1.1195.
However, the EUR/USD needs a push above 1.1365 in order to put an end to the bearish trend and opens a leg higher toward 1.1395, 1.1415 and 1.1455 respectively.
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