FXStreet (San Francisco) - The Euro accelerates its gains versus the US Dollar as the pair reacted positive after the weaker than expected US retail sales data.
The EUR/USD jumped around 50 pips post data to trade above the 1.3400 area and price t daily highs around 1.3405. US dollar is trading under pressure as data, unchanged in July, was below 0.2% rise expected by market.
Currently, EUR/USD is trading at 1.3398, up 0.22% on the day, having posted a daily high at 1.3407 and low at 1.3342. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
"Small offers are seen at 1.3395/1.3400 but another batch of stops are seen just above that level. If triggered, the familiar 1.3430/50 zone becomes the next battle ground," Jamie Coleman from FXBeat comments. "A move through that area should prompt a test of the downtrend at 1.3480."