The EUR/USD currency pair is making the bullish candle mark on the graph with an improved amount of more than 1.1880 and continues to increase its value day by day.
It is a pleasant beginning to the week, including several factors that have pushed the EUR/USD pair to its current level, but one of them is the recent release of retail sales data.
Retail sales were unchanged in June compared to the prior month’s statistics on August 02, 2021, and are now at 4.2 percent, which exceeds economists’ expectations of 2 percent.
The Statistisches Bundesamt Deutschland’s Retail Sales is a measure of changes in retail sales in Germany. It depicts the retail sector’s performance in the short term. Because of the positive economic development, the EUR/USD pair is likely to be “Bullish.”
There are fewer risks of a EUR/USD plunge since, as seen in the above graph, there are resistances in front of the pair’s price that may act as a barrier to its price moving forward.
IHS Markit Economics will announce the data of Markit Composite PMI on August 04, 2021. As per economists’ view, it might remain the same in July compared to the month’s before data.
The PMI monthly Composite Reports are based on the number of business leaders from manufacturing and service industries in the private sector. An index is percentages: a level of 50.0 indicates no change from the previous month, while a level above 50.0 indicates an increase (or improvement).
Considering the overall technical and fundamental outlook, selling the pair on short-term rallies still appears to be a good strategy in the short to medium term.