Sasha Singh
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An Unexpected Move of EURUSD

EURUSD : Hourly Chart

EURUSD continues to rise today despite of the upbeat US Retail Sales Data. Seems like the pair is attempting a bullish consolidation. Seems like Euro area Industrial Production data is currently weighing on the pair.

“The official data showed that the U.S. retail sales were solid in August showing a gain of .6% beating the economist’s expectation for an increase of .3%. The Core Retail Sales which excludes autos grew by .3% beating the economist’s expectation for an increase of .2%.”

A separate report showed that the "seasonally adjusted industrial production rose by 1% in euro area beating the economist's expectation for an increase of .6% in the month of July."

The trend on the hourly chart is signaling an uptrend. The pair was consolidating within an ascending triangle and soon after the release of the report the pair surged from the rising support trend line of the triangle. It is now currently testing the resistance of the ascending triangle. It tried to break above it but again came under the consolidation range. If it breaks above this resistance, new doors will open for the next resistance level at 1.2973.

EURUSD : 4 Hour Chart

On the 4 hour chart, The pair still seems to be consolidating within the symmetrical triangle. The Consumer Sentiment Data might change the movement of the pair.