The pair avoided the bearish weekly closing, but it did not change the general trend, which is still bearish.
The euro rallied significantly on Friday, breaking above the 1.13 level.
The Euro has initially tried to rally on Thursday but gave back the gains, despite the fact that the Americans were away at Thanksgiving.
The positive results of US economic data balanced out expectations of raising interest rates.
The euro broke down significantly on Wednesday to slice the 1.12 level, showing that we are going to continue to go much lower.
Today's trading session is an important one with the releases of significant US economic data, ahead of the Thanksgiving holiday that will affect liquidity in the markets.
The euro initially tried to rally on Tuesday but gave back gains rather quickly.
European COVID restrictions continue to hurt the euro, and accordingly, the bearish pressure for the EUR/USD continued.
The euro continued to slide quite a bit lower during the trading session on Monday as we have broken below the 1.1250 level.
Europe's face-off with COVID infections will continue to hurt the Eurozone economy, which is facing other crises like in energy and global supply chains.
The Euro rallied a bit during the course of the trading session on Thursday to break above the top of the hammer from the previous session.
The EUR/USD's attempts to correct upwards are still very weak, as the US dollar's gains are still helped by the imminent raising of US interest rates.
The euro broke down significantly to plunge below the 1.13 handle, reaching towards the 1.1250 level.
The EUR/USD has continued to lose value and is testing long-term support as price velocity downwards has quickened.
US retail sales numbers joined the list of releases which are fueling expectations of a raising of US interest rates soon.
