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EURUSD continues to decline after Inflation data

EURUSD yesterday plunged to 1.3514 because of the Fed tapering decision and the strong US economic situation and continued declining today. Taking a look at today’s events, German Retail Sales reported a sharp decline in December. Retail Sales in Germany declined by 2.5% which analysts were expecting to increase by .2%. Another reported showed that the inflation rate in Euro Area came out as .7% which analysts were expecting to be .9%. ECB targets the inflation rate at 2%.

 Looking at the 4 hour chart of EURUSD we can see that the EURUSD broke the support trend line at 1.3515 and this support line may now act as a resistance for the pair.