Good day forex traders.
It is day 2 of the week and let us check in on the EUR/USD.
In the weekly review, we noted on the bullish momentum of the currency pair.
Looking at the EUR/USD hourly chart above, we observe the currency pair sliding down.
From a technical point of view, 1.1960 may function as a short term region of consolidation.
Medium term targets remain as 1.2 and 1.22 on the upside and 1.18 should the EUR/USD continue to slide.
The week looks light for economic releases and picks up mid week. Towards the end of the week, US Retail Sales is due. As retail sales is a good indicator of economic health, the release will likely exert an effect on the EUR/USD.
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