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Dollar helps EUR/USD break to the downside - FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet sees better than anticipated US Retail Sales data boosting the dollar and breaking the EUR/USD pair to the downside.

Key Quotes

"Better that expected US Retail Sales up 0.3% in October after a flat growth in September, sent dollar higher against all of its rivals early US session, with the EUR/USD finally breaking to the downside the symmetrical triangle that contained price for all of this week, reaching 1.2398 before bouncing."

"Despite the break lower should signal the bearish trend is ready to resume, the fact is that the pair has been finding buyers around the 1.2400 earlier in the week also, so further declines are still required to confirm the move."

"Short term, the 1 hour chart presents a clear bearish momentum with price moving away from its moving averages, while the 4 hours chart maintains a neutral technical stance amid the weekly range."

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