EUR/USD: US Retail Sales extends the slide

US Retail Sales fell by more than anticipated in March, down by 8.7% while EUR/USD extends its decline, with steeper slide on a break below 1.0835, FXStreet’s analyst Valeria Bednarik reports.

Key quotes

“The US reported March Retail Sales, which were down by 8.7%, worse than the -8% expected. The April NY Empire State Manufacturing Index for April released at the same time posted a record low of -78.2, much worse than the -3.8 expected. The dollar advanced further with the negative figures.”

“Short-term technical readings indicate that further slides are likely as, in the 4-hour chart, the EUR/USD pair has broken below all of its moving averages, while technical indicators head firmly south within negative levels.” 

“The slump is expected to accelerate on a break below 1.0835, the 61.8% retracement of the late March bullish run.”