Despite Australia’s soft retail sales number, the euro remains under technical pressure. The pair has been sliding within a bearish channel since last October and the eurozone’s retail reading today is unlikely to change the course.
As the pair rebounds after the RSI dipped into the oversold territory, the euro may encounter stiff selling pressure in the 1.5530-1.5600 supply zone.
On the downside, 1.5250 is the next target should the sell-off accelerate.
