Early in another July week, the major currency pair is falling amid market players’ sympathies towards the American currency. EUR/USD is trading at 1.1790.
The ‘greenback’ got some significant support from the latest report on the retail sales in the USA, which showed 0.6% m/m in June after being -1.7% m/m the month before and against the expected reading of -0.4% m/m.
The preliminary report on the Consumer Sentiment from the University of Michigan disappointed but was barely noticed by investors. Nevertheless, the indicator dropped to 80.0 points in July after being 85.5 points in the previous months, although it was expected to reach 86.5 points.
As we can see in the H1 chart, the asset is also trading downwards and may soon reach 1.1750. Later, the market may form a new correction and then resume trading downwards with the target at 1.1725.
