EURUSD Rebound Ahead of US Retail Sales

The US Census Bureau will release the January Retail Sales report on Wednesday, February 16 at 15:30 GMT+2.

Retail Sales are expected to rise by 1.6% in January following December’s disappointing decrease of 1.9%.

US Dollar Declines Against Euro

EUR/USD is currently trying to settle above the resistance at 1.1382 (at 10.30 GMT+2) while U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index (DXY) is currently trying to settle below the 20 EMA at 95.90. In case the U.S. Dollar Index manages to settle below this level, it will get to the test of the support level at the 50 EMA at 95.80 which will be bullish for EUR/USD.

Today, foreign exchange market traders will have a chance to take a look at Euro Area Industrial Production report at 12.00 GMT+2. Analysts expect that Euro Area Industrial Production increased by 0.3% month-over-month in December. On a year-over-year basis, Euro Area Industrial Production is expected to decline by 0.5%.

In the U.S., traders will focus on the Retail Sales report for January. Analysts expect that Retail Sales increased by 2% on a month-over-month basis. Industrial Production is projected to increase by 0.4% month-over-month in January, while Manufacturing Production is expected to grow by 0.3%.

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