Daily Analysis EURUSD - 19 July 2023

The US Retail Sales data had a mixed impact on the greenback's performance against major currencies. While the headline figures showed a slight decrease, the Retail Sales Control Group exceeded expectations. The DXY has been sluggish, allowing the EUR/USD pair to take a break from its multi-month high. Meanwhile, European Central Bank (ECB) member Klaas Knot suggested that rate hikes beyond July are likely but uncertain. EU Commissioner Paolo Gentiloni stated that Eurozone inflation is expected to reach the 2% target in 2024, earlier than the ECB's forecast. The market's risk-on mood, positive US bank performance, and favorable news on China supported the EUR/USD price. However, US Treasury bond yields remained under pressure.

The EUR/USD shows a concentration of price signaling a correction on Builth, with the target expected to be the 1.1150 level, followed by the 1.1100 level. Additionally, the daily chart reveals three Dojis, confirming the possibility of a correction.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
1.1400	1.1300	1.1250	1.1200	1.1500	1.1000