EUR/USD forecast: focus on US data – Commerzbank and Societe Generale

FXStreet (Edinburgh) - After hitting multi-week tops around 1.1200 the figure on Wednesday, EUR/USD has sparked a correction lower to the current 1.1130 area ahead of US retail sales.

Axel Rudolph, Senior Technical Analyst at Commerzbank, argued “While resistance at 1.1216 caps, the risk of another drop soon being seen, remains in place… While resistance at 1.1216 caps, the risk of another drop soon being seen, remains in place”.

Strategist at Societe Generale Kit Juckes also added “if we have a less "risk-off” day and if the bounce we saw yesterday in US yields carries over through the US data, EUR/USD will probably meander down within its recent range”.