The EUR/USD pair has largely ignored stronger-than-expected eurozone retail sales data and is posting another session of declines. Eurozone retail sales in November rose by 2.3% y/y, compared with 1.6% expected and 1.5% previously. On a monthly basis, growth improved by 0.1 percentage point to 0.2%, versus 0.1% expected and 0.0% previously. Volumes remain in contraction territory, but the pace of decline is gradually easing.
Recently, the exchange rate slipped below the 50-period EMA (orange line), and if the downtrend persists, the pair could test the area around the 200-period exponential moving average (EMA200) near 1.157. Previously, this level was respected twice as a support zone.
Source: xStation5
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