According to the Germany Federal Statistical Office, the January retail sales rose by 5.3% y/y, exceeding the estimates by 3.0%. Institutional investors ignored positive news that proves the bearish sentiment prevalence.
The mark of 1.1170 suspended the euro active reduction against the US dollar. The trade has moved into the low volatility framework.
The price is finding the first support at 1.1170, the next one is at 1.1040. The price is finding the first resistance at 1.1300, the next one is at 1.1400.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is consolidating.
The pair can grow to the resistance level of 1.1300. The approach to the level of 1.1300 may lead to a price rebound down.Publication source