The euro is starting to recover early week trading losses against the U.S dollar, with price-action moving back towards the 1.1876 resistance level. The EURUSD pair earlier slipped back towards the 1.1845 level, after disappointing EU Retail Sales data, with the monthly Retail Sales figures turning negative. The euro is now moving higher, supported by a softer U.S dollar, and traders moving away from British pounds and into euros. The single currency is increasingly technical, with the 1.1890 level the next big upside hurdle for the pair above the 1.1876 level.
The EURUSD pair will turn intraday bullish while trading above the 1.1876 technical level. Further upside towards the 1.1900 and 1.1940 resistance levels appears likely.
Should the pair again be rejected from the 1.1876 technical resistance level, it may lead to a EURUSD price-correction back towards the 1.1850 and 1.1808 technical support levels.