The Euro opened again this morning just below the 1.1300 level. Overnight the Euro gained against the Greenback on Thursday after a report that U.S. retail sales recorded the biggest drop in more than nine years in December, suggesting a sharp slowdown in economic activity at the end of 2018.
On the release front yesterday Germany’s economy stalled in the fourth quarter of 2018. Germany, reported no quarterly growth in the final three months of 2018, compared with a modest growth expectation of 0.1%. Year-over-year, the gross domestic product expanded by 0.9%. Meanwhile for the EU, growth reached 0.3% in the three months to December, better than the 0.2% expected.
From a technical perspective, the EUR/USD pair is currently trading at 1.1295. We continue to expect support to hold on moves approaching 1.1260 while now any upward push will likely meet resistance around 1.1310.