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The euro gave up all gains against the dollar, and US retail sales were better than expected

Oct 26, 2021 11:05

After climbing to the daily top near 1.1620 on Friday (October 15), the EUR/USD encountered some selling pressure and gave up all the intraday gains, and now it has fallen back to the area below 1.1600 before the weekend.


The euro against the dollar is still restricted to the 1.1620 area


The lack of follow-up to the earlier bullish attempts in the 1.1620 area forced the EURUSD to give up its initial gains and return to around 1.1600.

At the same time, the U.S. dollar remained in a rising range slightly higher than 94.00. Prior to this, US retail sales in September increased by 0.7% month-on-month, and sales other than automobiles increased by 0.8% month-on-month. Both figures were better than expected.

Further US data showed that export prices rose 0.1% month-on-month and import prices rose 0.4% last month. In addition, the New York Fed Index fell to 19.8 this month (previously 34.3).

European reports show that as of September, France's final CPI rose 2.2% year-on-year, while Italy's CPI rose 2.5% over the same period. In addition, the Eurozone trade surplus suddenly shrank to 4.8 billion euros in August.

The level to watch for the euro against the dollar


So far, the euro has remained flat against the US dollar at 1.1597, and is facing the next upward resistance of 1.1624 (week high on October 14), followed by 1.1640 (week high on October 4), and finally 1.1719 (50-day moving average) ).

On the other hand, if it falls below 1.1576 (10-day moving average), the target price will be 1.1524 (the lowest price on October 12, 2021), and then 1.1495 (the highest price on March 9, 2020).

(Daily chart of the euro against the dollar)

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