The euro gave up the gains from earlier this week. Retail sales in the United States beat estimates, rising 0.7% on the core in December.

Headline retail sales were in line with estimates of a 0.3% increase on the month. The data pointed to a solid close for the year.

EUR/USD Gives Up Gains, but Momentum is Weak

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The common currency continues to drift as prices retreat, giving up the gains from the previous session. The overall price action is suggesting to a potential bearish flag pattern on the daily chart. This means that a break down off the 1.1100 region could signal further declines on the horizon.

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