💲EURUSD tests support ahead of the US data

The most important macroeconomic data during today's session will be released in an hour. Retail sales are expected to show a decline of 0.4% MoM for June, however analysts expect that the decline will be smaller compared to previous month decline of 1.3% MoM. Core sales excluding cars are expected to increase by 0.4% MoM. The data may be of great importance to investors given the low volatility which prevails during the holiday season. The EURUSD pair is currently testing key support at 1.1800. The bulls will try to break above the 1.1830 level, while the bears will try to push the pair well below the 1.1800 level.

EURUSD failed to resume the uptrend and the pair is currently testing the lower limit of short-term consolidation zone. A break below the 1.1800 level could lead to stronger declines. The resistance zone is located around 1.1830-1.1850. Source: xStation5