EUR/USD New York Price Forecast: Euro tumbles sub-1.0900 on disappointing US Retail Sales

 

EUR/USD is nearing 4-day lows while trading below the main SMAs on the daily chart. The market seems unable to capitalize on last week’s gains. On the macroeconomic front, US Retail Sales plummet by 8.7% in March.

 

 

The fiber is tumbling down while trading below its main SMAs as the market failed to break above the 1.1000 figure. The current weakness can see the quote continuing on its downward trajectory with bears setting their eyes on the 1.0849 support followed by the 1.0770 and 1.0700 levels. On the flip side, resistance can emerge near 1.0875, 1.0929 and 1.0970 levels, according to the Technical Confluences Indicator.