$EURUSD Forex Signal: Neutral Outlook But a Retest of 1.0635 Likely
The pair held steady at 1.0690, unchanged from where it started the week. This price was a few pips below its Friday high of 1.077.There was no major economic data from the US and Europe on Tuesday and the situation will remain like that on Wednesday. On Tuesday, Eurostat published mixed retail sales numbers from the European Union. The report showed that retail sales were unchanged between March and April. They were about 2.6% lower than in the same period in 2022.
In Spain, the country’s industrial production dropped by 0.9% in April from the previous increase of 4.1`%. While these are important numbers, their impact on the EUR/USD pair tends to be minimal since they have no major impact on the actions of the European Central Bank. Perhaps, the EUR/USD exchange rate will react mildly to statements by De Guindos and Fabio Panetta who are members of the ECB policy committee. The two members will likely provide their views on this month’s meeting.The EUR/USD pair has been flat this week. It has been stuck at 1.0700, which is between the middle and first resistance line of the Andrews Pitchfork tool. The pair has moved below the 50-period moving average and the 61.8% Fibonacci Retracement level.
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