EUR/USD New York Price Forecast: Euro off 34-month lows post-US Retail Sales

 

 

EUR/USD is trading in a weak bear trend below the main daily simple moving averages (SMAs) as the quote is bouncing off 34-month lows. The US Retail Sales Control Group in January came in slightly below expectation at 0% vs. 0.3% forecast sending USD down little and made EUR/USD tick up. 

 

 

EUR/USD broke below the downward channel while trading well below its main SMAs on the four-hour chart. The market remains under selling pressure near 34-month lows as bears want to break below the 1.0826 support level. Further down lie the 1.0800 figure and 1.0756 price level. Resistances are seen near the 1.0882, 1.0930 and 1.0984 levels, according to the Technical Confluences Indicator.