The US dollar is bearish in the last few weeks and after today’s price action, the correction will continue in the next period (medium term). US Retail Sales and Core Retail Sales where published today, the numbers where below expectations. USD has declined against all major currencies in the last four hours and this momentum is expected to continue. We have a bearish signal also from USDX, the index has broke the uptrend line and now is goind down. Also GOLD price has grown sharply, this is another bearish signal for the US dollar.
Tomorrow we’ll have the Unemployment Claims indicator, the forecasts are that this economic indicator will grow, this situation will push the USD even lower.
EUR/USD is approaching an intraday resistance and if the price will break this obstacle then the price will go higher. At this moment only the Greece situation can drag the price down. The resistance can be found at 1.1390 and higher at 1,48 1,5.