EUR/USD before US CPI & Retail Sales: Can we see a weak greenback?
Today at 09:00 GMT will be released the Eurozone's final CPI (y/y), which hopes to remain unchanged at 0.1%. However, at 12:30 GMT will be posted significant figures that could affect USD pairs, especially the EUR/USD, as the US CPI (0.2% vs. 0.2%) and retail sales figures (0.1% vs. 0.5%) can provide a better outlook on near-term national's economy. Retail sales can have a decline from 0.5% to 0.1%, and that could send the US Dollar to test new weekly lows.
The technical picture in EUR/USD at H1 chart is showing that a bullish trend line from June 8th low is playing as dynamic support, while the pair is consolidating above the 200 SMA. A better-than-expected US data could trigger the bears in EUR/USD, sending it below the 1.1050 price zone. However, the pair can test the resistance level of 1.1153 in coming hours.