U.S. Retail Sales Rebound in Sign Consumer Weakness is Transitory
U.S. retail sales rose by more than expected in March in the first gain in three months, suggesting consumer demand regained steam on the back of tax cuts and refunds.
Retail sales have strengthened to 0.6. after a forecast of 0.4%
Although the dollar has weakened against the currency basket, as Investors also remained cautious as the U.S. prepared to announce a fresh round of economic sanctions on Russia, related to its involvement in Syria’s use of chemical weapons.
On the daily chart, there’s a bullish candle towards the 1.2465 level to approach the downtrend from the high of 2008
On 1H frame, the price is near the resistance area (1.2995-1.242) with breaking the triangle
Now we are at a very critical level as we reached strong demand zone
If the price rebounds with convincing price action, we can see 1.23 & 1.2265 levels again
Otherwise, the price breaks through we can see 1.27 level
On the daily chart, there’s a rally through 1.433 level generating descending triangle
On 1H the price is also at a crucial level (such as EUR/USD). If the price breaks through, the 1.453 is waiting for us
Most likely that we will witness a correction to 1.42 level