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
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.