EUR/USD tumbles further on US retail sales, tests 1.17

The better tone in the greenback is now relegating EUR/USD to the boundaries of the 1.1700 handle, fresh weekly lows.

EUR/USD offered post-retail sales

Spot gathered further downside traction in response to the upbeat results from US retail sales during July. In fact, headline sales expanded at a monthly 0.6%, while sales excluding the Autos sector also rose above expectations 0.5% MoM.

Additional US data saw import prices up 0.1% on a monthly basis while export prices rose 0.4% inter-month. Further positive news came in from the NY Empire State gauge, advancing to 25.2 vs. 10.0 expected for the month of August.

Next on tap in a busy US calendar will be business inventories, the NABH index and TIC flows.

EUR/USD levels to watch

At the moment, the pair is retreating 0.68% at 1.1700 and a breakdown of 1.1687 (low Aug.9) would open the door to 1.1611 (low Jul.26) and finally 1.1554 (4-month up trend). On the other hand, the next up barrier is located at 1.1846 (high Aug.11) seconded by 1.1894 (high Aug.3) and finally 1.1911 (2017 high Aug.2).