EURUSD approaches channel trend line and the 1.1900 level.
The retail sales came in weaker, and that has helped to weaken the dollar. The EURUSD is trading at new session highs. The dollar is at lows vs the JPY, CHF as well. In the commodity currencies the dollar is moving the opposite way as traders exit those pairs on the slower growth.
For the EURUSD, the pair has moved above the high from yesterday at 1.18682 today and has done an admiral job of staying above that level (at least on a close basis on the hourly chart). The high has extended to 1.18932. There is a topside trend line at 1.1896. So far traders are leaning against that level (and perhaps the round natural resistance at 1.1900 as well). Get above and traders will be looking toward the swing high from November 9 at 1.19195.
On the downside, it would take a move back below the swing area between 1.1859 and 1.18680 to tilt the bias more to the downside (and give the sellers against the 1.1900 level, some comfort). Stay above is more bullish. Move below is more bearish.
