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EURUSD: downside target is 1.1771

The EURUSD pair opened to the upside on Thursday, July 15, but failed to build on the momentum and closed the day in the red. The price action started off near 1.1835. By noon, the pair reached 1.1850, but after reversing from this level dropped to 1.1795 by the evening session, and ended the day at 1.1810.

On Friday morning, EURUSD was meandering sluggishly in the 1.1795-1.1815 range. Given the resumption of dollar strength against other global currencies, the closest downside target for the pair is 1.1771, which was the support level on Wednesday.

The markets await key US macro data due out later today. June retail sales data will be released ahead of the US open. The median consensus is calling for a 0.4% MoM decline, after a 1.3% MoM decrease in the previous month. This data point will be followed by the July University of Michigan Consumer Confidence Index. The median forecast is looking for 86.5, which is 1 pp than the June figure.

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