The euro currency logged gains on Wednesday as the US dollar turned weaker. Economic data from the eurozone comprised of the retail sales report. Retail sales fell 0.6% on the month in August, matching estimates. Previous month’s data was revised higher to show a 1.2% increase. ECB chief in waiting, Christine Lagarde gave her speech where she pledged to review the ECB’s monetary policies.
EUR/USD Testing Resistance
The modest rally in the currency pair saw the euro testing the previously breached support level of 1.1030. It is possible for EURUSD to consolidate sideways. But this is subject to the resistance level holding up. But for the moment, the declines look to be done. Unless the common currency extends losses below the previously established lows, we expect to see a sideways range.