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Dollar drops on US Retail Sales - FXStreet

As FXStreet Chief Analyst Valeria Bednarik notes, the disappointing US July Retail Sales numbers pushed the USD sharply down on Wednesday and EUR/USD jumped above 1.3400 early US session.

Key quotes

"The hourly chart shows retracing some from daily high posted at 1.3414 with a strong upward momentum coming from technical readings, and price above moving averages."

"In the 4 hours chart price stalled at a bearish 100 SMA, with indicators also aiming higher above their midlines."

"Immediate support stands at 1.3370, and as long as above it, the pair has scope to extend its rally up to 1.3430/40 area, level that capped the upside for the last 3 weeks."

EUR/USD fails to hold above 1.3400

The EUR/USD failed to hold above the 1.3400 level and pulled back half of its post US retail sales rally.
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