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EURUSD Tests Resistance

The euro rallies as September’s retail sales in the eurozone beat expectations. A close above 0.9950 has prompted some sellers to cover their positions. Then a tentative break above 1.0090 shows strong buying interest which could dictate the market’s next move. A valid breakout would propel the single currency to September’s high at 1.0190, a supply area from a previous sell-off, shifting sentiment to the optimistic side. As the RSI goes overheated, the demand zone near 0.9980 is the level to monitor in case of a pullback.

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