Into North American trading and the market is awaiting the latest US retail sales data, due for release at 13:30 GMT. EUR/USD was supported amid the European morning by speculation of a weak number but economists still opt for a monthly headline around +0.5/6%. Also set for release at 13:30 GMT are the December Import/Export numbers.
Ahead of the data and spot trades a rough 1.2905/15 market, as talk of official sellers in the 1.2920's dissuades further buying. Stops are noted above 1.2930 with more offers into 1.2950 while on the downside the 1.29 expiries prop ahead of the 1.2877 low. Technically, the daily/weekly close today is being seen as key to the future direction for the pair. With the outside day candle seen yesterday highlighting the inability of the price to hold higher levels, a break below the 100
Day moving average line at 1.2865 is now seen as key to further downside action. Previous Fibo support at 1.2890 has also not been significantly cleared so any close below this 65/90 zone will spell the end of the uptrend in the pair that has been in place since October 06.
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