When are US monthly Retail Sales figures and how could they affect EUR/USD? – by hareshmenghani RetailSales UnitedStates Fed EURUSD Currencies
highlights the release of monthly Retail Sales figures for January, due later during the early North American session at 13:30 GMT. The headline sales are expected to rebound sharply after declining by 1.1% in December and post strong growth of 1.8% during the reported month. Excluding autos, core retail sales probably climbed by 0.8% in January, up from the 1.1% fall recorded the previous month.
According to analysts at NBF: “Car dealers likely contributed positively to the headline number, as auto sales surged during the month. Gasoline station receipts could have increased as well judging from a rise in pump prices. All told, headline sales could have jumped 2.1% in the month. Spending on items other than vehicles may have expanded a bit less, advancing 1.0%.
Meanwhile, Eren Sengezer, Editor at FXStreet, offers a brief technical outlook and writes: “EUR/USD failed to hold above the 50-period Simple Moving Average on the four-hour chart despite having tested this level several times on Tuesday. Additionally, the Relative Strength Index indicator on the same chart retreated below 50, suggesting that buyers remain on the sidelines.”
Eren also outlines important technical levels to trade the EUR/USD pair: “On the downside, 1.0700 aligns as key support. A four-hour close below that level could trigger another leg lower toward 1.0645/50 and 1.0600 .” “Interim resistance for the pair is located at 1.0730 ahead of 1.0760 . In case the pair rises above the latter resistance, it is likely to face another strong hurdle at 1.0775, where the 200-period SMA is located,” Eren adds further.
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