EUR/USD below 1.36

 The 1.36 level remains something of a barrier to upside for the pairing.

Data coming from the eurozone today has indicated that retail sales remain in contraction and that private sector lending is floundering. This may well invite a Bank of England Funding for Lending style long-term refinancing operation package for European banks, in a bid to spur this declining but important part of the euro.

We would need to see the euro retake the bullish channel from early July lows for a stronger bias at this juncture. Currently, selling of EUR/USD is taking place at the 1.3625 level, and while below 1.36 there is a chance of a pull back to 1.3490.

With the US closed for the Thanksgiving holiday, the likelihood of a range-bound trading session for the next few days is increased.

Spot FX EUR/USD chart

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