British pound breakout soon?
Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
Levels to trade EUR/USD
2020-01-22 • Updated
The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance. On the D1, we see formation of lower highs this month. An attempt to get above the 50-day MA (1.1095) on Tuesday has failed. As a result, the pressure on the support at 1.1065 (100-day MA, 2019 support line) will intensify. The meeting of the European Central Bank this week may provide a market moving force.
The decline below 1.1060 will open the way down to 1.1040 and 1.1000. On the other hand, if the trend line support holds, a return above 1.11 may lead to a recovery to 1.1130. There, however, the 2020 resistance line and the 200-day MA should limit further growth.
Trade ideas
SELL 1.1060; TP 1.1000; SL 1.1080
BUY 1.1100; TP 1.1130; 1.1090
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