FXstreet.com (Barcelona) – The EUR/USD was buoyed up to 1.3380 following a disappointing prelim retails sales report over December which failed to match expectations. The pair has since returned to the downside however, trading around its prior consolidated position of 1.3350 where lingers in waiting for fresh impulse.
When the dust settles, it seems the EUR/USD is little moved from the fundamental data regarding US retail sales and CPI. While prelim retails sales failed to rise as much was predicted, the CPI increased by around 0.5% over December, and 1.5% over the year.
Traders will now await further releases from the US in the coming hour to gauge strength in the economic recovery. With slightly bullish tendencies, immediate support for the EUR/USD is listed at 1.3320 (Intraday Support), 1.3145 (Daily High Jan 12) and 1.3088 (Daily Low Jan 13). To the upside, resistance is placed at 1.3500 (Daily High Dec 14), 1.3512 (Weekly Cloud Top) and 1.3633 (Daily High Nov 23).