EUR/USD stays capped by the 1.1620 area

After climbing to daily tops near 1.1620, EUR/USD met some selling pressure and now recedes back to the sub-1.1600 area at the end of the week. EUR/US  |  15/10/2021 14:24
  • EUR/USD faces some pressure and drops below 1.1600.
  • The greenback clings to daily gains just above 94.00.
  • US Retail Sales surprised to the upside in September.

After climbing to daily tops near 1.1620, EUR/USD met some selling pressure and now recedes back to the sub-1.1600 area at the end of the week.

EUR/USD stays capped by the 1.1620 area

The earlier bullish attempt to the 1.1620 zone lacked follow through and forced EUR/USD to give away initial gains and return to the 1.1600 neighbourhood.

The dollar, in the meantime, clings to the positive territory just above the 94.00 yardstick after US Retail Sales expanded at a monthly 0.7% in September while sales excluding Autos expanded 0.8% inter-month, both prints bettering estimates.

Further US data saw the Export Prices rising 0.1% MoM during last month and Import Prices advancing 0.4%. In addition, the NY Empire State Index deflated to 19.8 for the current month (from 34.3). Later in the session the preliminary gauge of the Consumer Sentiment is also due.

EUR/USD levels to watch

So far, spot is gaining 0.08% at 1.1606 and faces the next up barrier at 1.1624 (weekly high Oct.14) followed by 1.1640 (weekly high Oct.4) and finally 1.1727 (55-day SMA). On the other hand, a break below 1.1576 (10-day SMA) would target 1.1524 (2021 low Oct.12) en route to 1.1495 (high Mar.9 2020).

 

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