Sasha Singh
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EURUSD : Rallied After Disappointing US Retail Sales Data, Bearish Bias Still Exists

EURUSD today rallied soon after the release of downbeat US Retail Sales Data. The official data showed that the Retail sales in US remain flat in the month of July as compared to the previous month which is the weakest result in 6 months and which economists were expecting to grow by .2%. The core retail sales which excludes autos, rose .1% which economists were expecting to increase by .4%. Retail Sales data is an important source of economic valuation as US economy largely depends on the consumer spending.

EURUSD : 4 Hour Chart

On the 4 hour chart, EURUSD rallied from the previous support at 1.3334 and currently testing resistance from 100 day SMA. If the pair continue to surge it will again find resistance from the previous resistance level at 1.3434.

EURUSD : Daily Chart

On the Daily Chart, the pair seems trading sideways and the bias is towards the downtrend so the pair might finally break below the support at 1.3334. All the moving averages are heading downward and 100 day SMA just crossed below the 200 day SMA.