During yesterday's trading session, EURUSD set another local low by touching 1.3585. After that, the price managed to recover a little bit at the end of the American trading session by rallying up to 1.3625. This is how the current trading range was formed. At this point, the currency pair is still consolidating within this range.
So, the price has been staying within the 1.3585-1.3625 range since yesterday when the dollar strengthening (represented by the downtrend of EURUSD) suspended amid poor US GDP figures, Market Leader reports.
Meanwhile, traders are looking forward to the latest spring stats. A couple of hours ago, Germany released its retail sales report. This was a negative release for the common European currency as the figures turned out to be negative (-0.9% during the reporting period) while analysts had expected positive readings (+0,4% this month).
The last report for today's EURUSD is Italy's inflation report. The previous report indicated an increase from 0,1% up to 0,2%. Still, analysts are predicting -0,1% this time.
EURUSD
According to the comprehensive analysis conducted by Masteforex-V Academy, the H1 chart indicates no major changes since yesterday. As mentioned above, the price is still moving within the 1.3585-1.3625 price range while the mid-term bias is still bearish. This means that the bears are still dominating the market at this point.
The near-term prospects of EURUSD will depend on the price reaction to the following levels:
Resistance levels: 1.3624(25) + 1.3535, 1.3656, 1.3666, 1.3686 + 1.3719.
Support levels: 1.3595 + 1.3585 + 1.3570.
