Modest bounce so far
The EURUSD has pushed to new session and week lows on the better than expected retail sales in the US.
The price decline has taken the price to the 38.2% of the move up from the March 2016 low. That level but comes in at 1.1312. The low extended to 1.13075. The corrections off the low have been modest so far. The sellers remain in control.
Looking further out on the daily chart above, the 50% retracement level at the 1.1218 level is a key target in that it also corresponds with the high from March 10 (1.12166) and the lows from April 22 and April 25 (1.1217 and 1.1214). Something to shoot for on further weakness going forward in the pair.
The market is still finding support near the retracement level....
PS. The range for the week had a up and then down ride of it since Wednesday (see video from Wednesday). When the price could not extend above the 200 hour MA on that day the buyers turned to sellers. The range for the week extended from 61 pips to 139 pips. No two year record was broken this week.
