EUR/USD is now riding a new wave which is heavily linked to the 1.3800 trading level this event became real after the release of the not so satisfying retail sales data in Germany.
Strong data but slow movement
The EUR/USD shared currency pair is now close to the 1.3796 level many analysts believe that there is very few steam to push the trading engine in order to get past the 1.3780 support level in the meantime the release of the European Union C.P.I. data is under the lime light.
Right now the EUR/USD trading cross is in the close vicinity of the 1.3806 level and it is deploying a lot of efforts in trying to pass this trading spot, so far no success has been registered.
The European single currency tried to jump past the 1.3900 level but inevitably failed to do so and settled in the proximity of the 1.3880 level this happened because of the C.P.I. figure release in Germany which did not offer support for the cross.
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Low = 1.3773
S3 = 1.3703 S2 = 1. 3738 S1 = 1.3772
R1 = 1.3847 R2 = 1.3880 R3 = 1.3916
In the meantime the EUR/USD fiber currency is relying heavily on the support levels of 1.3796, 1.3784 and 1.3729. On the other side of the wall there are several strong resistance points which can be found at first close to the 1.3814 level followed close up by the 1.3878 point and ending with the all important 1.3900 trading point.