Key Points
- The Euro made a low at 0.8467 against the British Pound, and traded higher.
- There EURGBP pair is currently recovering, and trading near a couple of bearish trend lines on the hourly chart at 0.8530.
- Today in the Euro Zone, the German Retail Sales was released by the Statistisches Bundesamt Deutschland.
- There outcome was on the lower side, as there was a decline of 1% in Oct 2016, compared with Oct 2015.
EURGBP Technical Analysis
The Euro made a low near the 0.8470 level against the British pound, found buyers, and started moving higher. There was a nice upside move, taking the EURGBP pair towards a couple of bearish trend lines on the hourly chart.
The pair is currently attempting to break the trend line resistance, but it may fail and move down. An initial support on the downside is at 38.2% Fib retracement level of the last wave from the 0.8467 low to 0.8534 high.
If you are looking to enter a sell trade, then consider it near the highlighted resistance with a stop above it.
German Retail Sales
Today in the Euro Zone, the Retail Sales, which is a measure of changes in sales of the German retail sector was released by the Statistisches Bundesamt Deutschland.
The market was not looking for a decline in the sales in Oct 2016, compared with the same month a year ago. However, there was a decrease of 1%. In terms of the monthly change, there was a rise of 2.4%, which was on the better side. The report added that the “retail turnover in October 2016 in Germany decreased in real terms 1.0% and in nominal terms 0.4% compared with the corresponding month of the previous year. The number of days open for sale was 25 in October 2016 and 26 in September 2015”.
Overall, the EURGBP may find sellers near the highlighted resistance, and could trade down once again.
