Despite the positive economic news for USD; overcoming the forecasts of analysts that predicted only a 0.4% increase in retail sales, although it was actually a 0.6% increase. This fundamental analysis shows that the consumer spending within the economy of the USA is above par which can also conclude to good accounting and money management throughout the country.
Although, through Fibonacci analysis the 38.2 level is proving to be a very strong resistance line for the EUR/USD pair and it is currently on a downtrend from looking at trend lines for previous H4 candlesticks. Also, a bearish spinning after the uptrend from the economic news just below the 38.2 Fibonacci level which indicates a 'bounce' from the resistance.
Although, through Fibonacci analysis the 38.2 level is proving to be a very strong resistance line for the EUR/USD pair and it is currently on a downtrend from looking at trend lines for previous H4 candlesticks. Also, a bearish spinning after the uptrend from the economic news just below the 38.2 Fibonacci level which indicates a 'bounce' from the resistance.
Comment:
Small fakeout from trending channel from 15-16th August but seems to have found consolidation within the declining trend line again.