The euro struggles to bounce higher after Germany’s lackluster retail sales in September.
The pair has come under pressure at 133.45 near June’s peak. The subsequent retracement has met some bids at 131.60 when the RSI dipped into the oversold territory.
The triple test of the support level indicates solid buying interest. However, the bulls will need to push above 132.80 before the uptrend could resume.
On the downside, a bearish breakout would extend the sideways action towards 130.80 which sits on the 30-day moving average.
