Good day forex traders.
As we head into the midweek, equities are in a sell off and various regions of the global financial market are pulling back.
The EUR/USD has also swinged towards the Euro signaling a weakening of the US dollar.
Looking at the EUR/USD daily chart above, we observe a bullish return to the 1.18 region. If there is any likelihood of a bullish momentum, the currency pair has to decisively clear 1.18.
It is important to note that the US Retail Sales data is due to be released soon. Any unexpected development is likely to result in a spike of currency movement. In the event of a strong release, we may see a reversal in favor of the US dollar. Proper money management is critical.
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