The Euro bulls are back under pressure following a better-than-expected jump in U.S retail sales yesterday. However, if equity markets continue to rally for the third consecutive day then the Dollar bid will be limited. Apart from the broader market sentiment, the pair may take cues from the Eurozone CPI and Fed Powell’s testimony later during the US session. The bulls’ last line of defense is the 1.1230 support level, if that is lost, then the bears will take complete control. Until then, the pair will likely remain in a sideways action.
Support: 1.1230 / 1.1150
Resistance: 1.1350 / 1.1420
