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EUR/USD has found strong support in the short term and now is pressuring the immediate resistance levels again. DXY's decline forced the greenback to depreciate versus its rivals.
Fundamentally, the USD was punished by the US retail sales data reported yesterday. The Retail Sales dropped by 1.3% in May versus a 0.6% drop expected, while the Core Retail Sales dropped by 0.7% even if the specialists have expected to see a 0.4% growth.
The US PPI, Core PPI, and Industrial Production have come in better than expected, but have failed to keep the Dollar higher.
EUR/USD is pressuring the 1.2132 and the 23.6% retracement level. It remains to see what will really happen as the FOMC meeting could shake the markets tonight. The FOMC Press Conference, FOMC Statement, and the FOMC Economic Projections could bring high volatility.
The FED is expected to maintain its Federal Funds Rate unchanged at 0.25%. Still, any hint regarding a potential rate hike could bring sharp movements.
The pressure remains high as long as it stays below the weekly pivot point (1.2139) and below 23.6%.
Making a new lower low, closing below 1.2091, is seen as a bearish signal which could activate a larger correction.
In the short term, jumping and closing above 1.2147 could signal a potential bullish momentum.
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