EUR/USD - EURUSD weakens due to ECB's dovish stance - 10/08/2024 (GMT)

<Fundamental>
The Eurozone Retail Trade (Aug) increased by 0.2%(MoM), reaching a five-month high in line with expectations. However, the annual figures fell below expectations, indicating a general decline in consumer spending. In contrast, German factory orders experienced a significant 5.8%(MoM) decrease (previously 3.9%, consensus -1.9%). These conflicting economic indicators may compel the ECB to adopt a cautious stance by prioritizing growth and could result in additional monetary easing, potentially leading to a weakening of the euro.


<Technical>
EURUSD broke the 1.1000 threshold and consolidated near the 1.0980 level. EMA21 has death-crossed EMA78 and widened the gap between them, indicating a bearish trend.
If EURUSD sustains below 1.1000 and breaks 1.0950, the price may fall further to 1.0870.
Conversely, if EURUSD breaches the 1.1000 threshold and EMA21, the price could rise to 1.1050.