Strong German Retail Sales
Earlier this morning, July German Retail Sales were released at -0.9% on month, worse than +0.5% expected.
Share this:
Earlier this morning, July German Retail Sales were released at -0.9% on month, worse than +0.5% expected. Yesterday, German Government revised its 2020 GDP forecast to -5.8%, vs -6.3% previously. The German Federal Statistical Office also reported August jobless rate at 6.4%, as expected.
From a technical point of view, on a 30-min chart, EUR/USD has broken below rising trend line and is capped by its declining 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1940. The nearest threshold would be set at previous overlap at 1.1880 and a second one would be set at horizontal support at 1.1845 in extension.
Source: TradingView, GAIN Capital
Earlier this morning, July German Retail Sales were released at -0.9% on month, worse than +0.5% expected. Yesterday, German Government revised its 2020 GDP forecast to -5.8%, vs -6.3% previously. The German Federal Statistical Office also reported August jobless rate at 6.4%, as expected.
From a technical point of view, on a 30-min chart, EUR/USD has broken below rising trend line and is capped by its declining 50-period moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 1.1940. The nearest threshold would be set at previous overlap at 1.1880 and a second one would be set at horizontal support at 1.1845 in extension.
Source: TradingView, GAIN Capital
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
AUD/USD Crushed Ahead of Jobs Report as US Dollar, Yields Surge
AUD/USD slumps towards 70c as surging US yields and a stronger dollar overshadow Australian jobs data and the RBA outlook.
USD/MXN Forecast: Peso Loses Momentum Ahead of Banxico Decision
Over recent trading sessions, the Mexican peso has started to show signs of losing strength against the U.S. dollar. This can be seen in the performance of USD/MXN, which has gained more than 1.7% over the last three sessions, highlighting the dollar's renewed strength against the peso.
Euro Short-term Outlook: EUR/USD Selloff Nears Critical Yearly Support 9 23 2026
Euro has fallen seven of the past nine sessions, with stretched momentum raising the stakes as EUR/USD closes in on a major inflection zone.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.