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Sep. 17, 2021

Euro is down 43 pips (0.37%), trading around 1.1724

(23:00) GMT

After a mostly steady day Euro/Dollar loses 43 pips late into the session, trading at 1.1724.

This downslide might be related to financial indicators data published earlier as United States Retail Sales beats expectations of -0.8% with new data release of 0.7%. This is also a step forward from the previous data of -1.8%.

In contrast, positive data for Euro reported earlier when Euro Zone Consumer Price Index matches expectations with new data release of 3%. This is also a step forward from the previous data of 2.2%.

Meanwhile, Euro Zone's Core Consumer Prices published today at 9:00 AM came out at 1.6%. The indicator value matched both the projected value and the previous data of 1.6%.

In terms of trend indicators, we can see that EUR/USD's CCI indicator is bellow -100. When the CCI (Commodity Channel Index) is at this level it means the price is below the average price as measured by the indicator. Asset volatility analysis shows that The lower Bollinger band was crossed by Euro at 1.1733. On the other hand note that Euro/Dollar is eyeing the 1.1677 support line.

Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions it seems further drawback may be next for Euro.

Euro/Dollar is having a rough year so far losing 3.79%. A study on Euro's past performance indicates that it is currently on a down trend that started around 29 days ago.

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Week to date

After starting the week at 1.18, Euro retreats to 1.1724 (down 0.64%) .

A bearish end to the trading week, after starting the week at 1.18, EUR/USD went up to 1.1846 only to drop back to mid point range and now trades at 1.1724. (Start trading Euro at FXTM today).

This downslide might be related to financial indicators data published earlier as United States Retail Sales beats expectations of -0.8% with new data release of 0.7%. This is also a step forward from the previous data of -1.8%. Data for United States Core Retail Sales released yesterday at 12:30 PM comes out at 1.8%, beating projections of -0.1% and showing improvement over the preceding figure of -1%. Data for United States Philadelphia Fed Manufacturing Index (Sep) released yesterday at 12:30 PM comes out at 30.7, beating projections of 18.8 and showing improvement over the preceding figure of 19.4.

On the flip side Euro Zone Consumer Price Index matches expectations with new data release of 3%. This is also a step forward from the previous data of 2.2%.

Meanwhile, Euro Zone Core Consumer Prices matches projections with new data release of 1.6%. The indicator value is unchanged and is the same as previous data of 1.6%.

Outlook for rest of the week: Market will be looking forward for upcoming data for Thursday data for Germany Manufacturing PMI will be released, with an expected decline to 61.5 from the preceding figure of 62.6. Germany Business Climate Index that seems to be pointing downwards with an expected 98.5 while preceding figure was 99.4, new data will be released Friday. Spain GDP projected to decline to -0.5 while previous data was 2.8, data will be released Thursday.