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EURUSD: Inside day at daily resistance

A weaker than expected data across Europe pushed the EURUSD pair into a downward spiral but still consolidating with in a range of 1.2617 and 1.2747 (130 pips).

Today on the economic calendar we have from the euro zone the ECB President Draghi’s Speech about the current European economy situation. From the US we will have the retail sales in September that are expected to fall from 0.6% to -0.1% reflecting a slowdown in consumer spending.

EURUSD fell during yesterday session closing near the low of the day at 1.2658 after ZEW confidence survey showing that confidence in Germany and in the Euro zone is at its lowest in over 2 years. The pair still managed to close above the 10-day moving average creating an inside day.

Expecting upward move to 1.2868 on a break above the previous day high at 1.2749 (scenario 1) or a break below 1.2616 could push the pair the year low at 1.2500 (scenario 2).