EURUSD above key resistance as macro readings from Europe signal improvement

Today's eurozone retail sales reading YoY showed a decline of -1% vs. -1.3% expected and -0.8% previously

• On MoM basics, retail sales rose 0.1% slightly below the 0.2% forecast, but still much better, from -1.1% previously

Construction PMI also performed better than forecast for almost all, major European economies (ex. Italy)

• Eurozone: 42.9 vs. 41.3 previously
• Germany: 39.1 vs. 36.3 previously
• France: 41.9 vs. 39.6 previously
• Italy: 50.3 vs. 51.6 previously
• United Kingdom: 49.7 vs 49 forecast and 48.8 previously

EURUSD struggled against a key resistance level but in the end, the pair breakout above the 23.6 Fibonacci retracement level of the upward wave from the fall of 2022. A breakout above this level could open the way to new multi-month peaks towards 1.12.

Source: xStation5