Euro jumps on weak US data but remains within larger range
The Euro rose to the session high at 1.0851 and cracked 20DMA (1.0845) after terrible US data smashed dollar.
US retail sales suffered their deepest monthly fall on record in April (-16.4 vs -12% f/c and -8.4% in March) due to coronavirus pandemic across the country.
The figure also showed that with physical stores suffered heavy losses during crisis while online retail volumes rose 8.4% in April.
Despite the latest jump, the pair remains entrenched within the range (1.0776/1.0896) that lasts over one week and near-term action remains directionless as long as it holds between range boundaries.
The dollar remains underpinned by risk-off mode on rising US/China trade tensions, which may partially offset current negative signals on weak data.
Flat daily indicators add to current neutral tone.
The pair is looking for firmer signals on break of either range limit that would give hint fresh direction.
Res: 1.0860; 1.0896; 1.0921; 1.0958
Sup: 1.0822; 1.0788; 1.0766; 1.0727