EUR/USD Surges as US Retail Sales Exceed Expectations...
EUR/USD Surges as US Retail Sales Exceed Expectations
The EUR/USD currency pair had a remarkable day on Tuesday, making substantial gains after a surprising beat in US Retail Sales figures, causing a surge in investor risk appetite and weakening the US Dollar (USD). This development bolstered the Euro (EUR), pushing the EUR/USD pair from its early day low of 1.0530 to approach the key 1.0600 level.
US Retail Sales for September exceeded market expectations, showing a significant increase of 0.7%, outperforming the median forecast of 0.3%. Additionally, the previous month's reading received an upward revision, moving from 0.6% to a stronger 0.8%.
US Retail Sales Highlights:
September Retail Sales: +0.7% (Expectation: +0.3%)
Upward revision of previous month's Retail Sales: 0.8%
Earlier on Tuesday, the EU's ZEW Economic Sentiment Survey also delivered a pleasant surprise, reporting a score of 2.3, surpassing the forecasted -8. This marked a significant rebound from the previous reading of -8.9, indicating a noteworthy improvement in economic sentiment within the European Union.
This positive news had a domino effect on market sentiment, causing a risk-on sentiment. As a result, the US Dollar weakened across the board, and the EUR/USD pair made gains, reclaiming levels it had previously lost following last week's risk-off sentiment.
Looking ahead, Wednesday will bring the European Harmonized Index of Consumer Prices for September. Forecasts suggest that the headline monthly figure will remain steady at 0.3%.
The European session on Wednesday opened with a double top pattern in the H1 timeframe, just before the price reached the 1.06000 level. Given our earlier analysis of the Euro, this may mark the beginning of a bearish impulse, with our initial target at 1.05000. Traders will be closely monitoring price movements and economic data to gain insights into the future direction of the EUR/USD currency pair.
Short-Term | Our preference
Short positions below 1.0640 with targets at 1.0500 & 1.0450 in extension.
The EUR/USD currency pair had a remarkable day on Tuesday, making substantial gains after a surprising beat in US Retail Sales figures, causing a surge in investor risk appetite and weakening the US Dollar (USD). This development bolstered the Euro (EUR), pushing the EUR/USD pair from its early day low of 1.0530 to approach the key 1.0600 level.
US Retail Sales for September exceeded market expectations, showing a significant increase of 0.7%, outperforming the median forecast of 0.3%. Additionally, the previous month's reading received an upward revision, moving from 0.6% to a stronger 0.8%.
US Retail Sales Highlights:
September Retail Sales: +0.7% (Expectation: +0.3%)
Upward revision of previous month's Retail Sales: 0.8%
Earlier on Tuesday, the EU's ZEW Economic Sentiment Survey also delivered a pleasant surprise, reporting a score of 2.3, surpassing the forecasted -8. This marked a significant rebound from the previous reading of -8.9, indicating a noteworthy improvement in economic sentiment within the European Union.
This positive news had a domino effect on market sentiment, causing a risk-on sentiment. As a result, the US Dollar weakened across the board, and the EUR/USD pair made gains, reclaiming levels it had previously lost following last week's risk-off sentiment.
Looking ahead, Wednesday will bring the European Harmonized Index of Consumer Prices for September. Forecasts suggest that the headline monthly figure will remain steady at 0.3%.
The European session on Wednesday opened with a double top pattern in the H1 timeframe, just before the price reached the 1.06000 level. Given our earlier analysis of the Euro, this may mark the beginning of a bearish impulse, with our initial target at 1.05000. Traders will be closely monitoring price movements and economic data to gain insights into the future direction of the EUR/USD currency pair.
Short-Term | Our preference
Short positions below 1.0640 with targets at 1.0500 & 1.0450 in extension.
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