Revisions for March higher, but 2Q gets off to a weak start
The US retail sales were weaker than expectations rising by 0.0% vs. 0.2% estimate. Ex-auto and gas rose by 0.2% vs. +0.6%. The prior month was revised up about 0.2% for both the headline and the ex-auto and gas.
The EURUSD has risen on the back of the better weaker data and has extended above the prior high for the day at 1.1265. The price is also moved above the 50% retracement of the move down from the May high. That level comes at 1.12607. Look for close support near this level. The 1.1251 is the 50% of the trend move higher. The price should not extend back below this level if the buyers are to remain in control.
The next target at the 1.1291 and then 1.1316. Here is the updated hourly chart. The more recent targets have been reached. The 1.1291 is now close support/risk below. Other upside targets 1.1324 and 1.1369 and 1.1391.
