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7 Jan 2015
EUR/USD drops on downbeat German Retail Sales data
FXStreet (Mumbai) - The single currency falls further towards fresh nine-year lows against the US dollar, heading towards the European opening bells, on mixed German retail sales data.
Currently, the EUR/USD pair traded at 1.1864, dropping -0.22% on the day, heading closer to fresh nine-year lows of 1.1851 hit in the previous session. EUR/USD extended losses on mixed German retail sales data which showed the retail turnover rose 1.0% m/m in November, down from a revised 2.0% growth recorded in the previous month, coming in above market expectations of a 0.2% increase.
Meanwhile, markets may now focus on Euro Zone CPI print and US Fed Meeting minutes due for release later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.
Currently, the EUR/USD pair traded at 1.1864, dropping -0.22% on the day, heading closer to fresh nine-year lows of 1.1851 hit in the previous session. EUR/USD extended losses on mixed German retail sales data which showed the retail turnover rose 1.0% m/m in November, down from a revised 2.0% growth recorded in the previous month, coming in above market expectations of a 0.2% increase.
Meanwhile, markets may now focus on Euro Zone CPI print and US Fed Meeting minutes due for release later today.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.1851 (Today’s Low) levels, below which it could extend losses to 1.18 levels.