EUR/USD – Lower despite better than expected German Data

M/M Seasonally adjusted Retail sales grew 1.2% in November, the strongest showing in 8 months. Y/Y posted a decline of 0.9%, but still better than the -1.6% forecast.

5 Min Chart


EUR did not respond favorably, with EUR/USD continued heading lower after hitting 1.305 ceiling. Interim floor of 1.302 was also broken following the news, underlining the shift in tide as USD gained tremendous strength following a much Hawkish FOMC Minutes.

Daily Chart


From a Daily Chart perspective, failure to hold levels above 1.33 is a concern for bulls, with price potentially forming 3 Black Crows candlestick pattern should current remain until today’s close. Yesterday’s bearish candle could also be interpreted as a confirmation for the Dark Cloud Cover 2 candles back, similar to GBP/USD


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.