By: Bradley C. Smith
Two news items related to retail sales that have been forecast to run afoul of the current trend are due to be put to the EUR/USD today. Only one of those items will be countered with a favorable forecast for the Dollar, the University of Michigan Consumer Sentiment. These items do not share a uniform direction, nor are they powerful enough to stop the force this recent trend has shown.
Zooming into the three hour chart will be useful today for spotting candles that have encompassed a large range and have closed up. This is because the fluctuation they put the price threw is likely to be hammered down, with the downtrend.
8:30am est USD
Core Retail Sales m/m Forecast 0.5% Previous 0.9%
8:30am est USD
Retail Sales m/m Forecast 0.3% Previous 1.9%
9:55am est USD
Prelim UoM Consumer Sentiment Forecast 73.5 Previous 72.2
