The better than expected Retail Sales for July gets the new quarter off to a good start but the prior month was revised lower to -0.7% from -0.5%. The EURUSD moved higher initially and quickly moved above the flattening 100 bar MA on the 5 minute chart, but is now down testing the closing level from yesterday at the 1.2332. A move below this level is needed to increase the bearish momentum. Additional support levels extends to the 1.2317 (see hourly chart below). The 200 hour MA (green line at 1.2327, 100 hour MA at 1.2323 (blue line) and trend line at 1.2317 make up a cluster of support (see chart below). Resistance for bears continues to be centered at the 1.2348-59 level where the 100 and 200 bar MAs on the 5 minute chart are found.
