Weak German Retail Sales

Germany flag
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.
Market chart of the EURO(EUR) vs US Dollar(USD). Published in September 2020Source: John Hopkins CSSE
Source: TradingView, GAIN Capital

 
 
Related tags: Forex Forex Germany

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar