EUR/USD analysis for February 23 2021 – Strong downside movement and potential for test of 1.2030

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EUR/USD analysis for February 23 2021 - Strong downside movement and potential for test of 1.2030

EUR/USD analysis for February 23 2021 – Strong downside movement and potential for test of 1.2030

UK February CBI retailing reported sales -45 vs -40 expected

Prior -50

  • Total distributive reported sales -35
  • Prior -44

UK retail sales gauge remains rather weak in February, with retailers seeing a sharp fall in sales as well as mounting job losses. The outlook for March remains rather gloomy with the expectations reading falling to -62, the lowest on record for the data series.

CBI notes that:

“With lockdown measures still in place, trading conditions remain extremely difficult for retailers. Record growth in Internet shopping suggests that retailers’ investments in online platforms may be paying off, but the reopening of the sector can’t come soon enough to protect job losses and breathe life back into the sector.”

Further Development

EUR/USD analysis for February 23 2021 - Strong downside movement and potential for test of 1.2030

Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted today and the downside rotation started with strong momentum.

Key resistance is set at 1,2180

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/208771/