Forex news, EURUSD. During February German retail sales have rapidly dropped, but there are hopes that decline of consumer demand will support the country’s economy during the first quarter, as informed by BBC, making reference to Federal Statistical Office of Germany. Monthly decline has amounted to 1.1%.
January results, though, have been reconsidered for better, from 1.6% to previously stated decline by 2%.
According to NewEdge analyst, weak retail sales in February "partially reflect non-favourable weather conditions and strong snowfalls at the beginning of the month in particular", as well as cast pressure on EURUSD.
On an annual basis during February retail sales have risen by 1.7% due to the additional day of the month in the leap year. In such a case, results are characterized by volatility and considerable deviations from predictions.
Analysts were expecting sales to rise by 1.2% on a monthly basis and by 0.1% on an annual basis. January results have risen from 0.1% to 1.7%.
What is happening to EURUSD at forex market? As noticed by the Analytics Team of , short-term bullish wave D1 1.3003-1.3386 is over (NK broken)
- short-term hidden wave А n4 down / В D1 1.3386-1.3251 of higher TF
- short-term wave up from 1.3251 of higher TF. When short-term wave up is over, there will be strong movement in both directions
- С n4 down when 1.3251 is broken
- а(С)/С D1 up when 1.3386 is broken
new ТО of mid-term 1.3251 В D1 (NK broken, pivot, 88%)
а(С)/С from ТО up
new NK 1.3303/1.3251 is being formed
