Tuesday, March 7, 2023

So, the latest data released by Eurostat shows that the Eurozone's Retail Sales in February were not as good as expected. Year-on-year, there was a decline of 2.3%, which was worse than the 1.9% decline that was anticipated. Month-on-month, there was an increase of only 0.3%, compared to the expected 1.0%. However, this was still an improvement from the previous month's decline of 1.6%.

This information may have an impact on the value of the Euro in foreign exchange markets. Generally, if the retail sector is doing well and consumer spending is increasing, this can have a positive effect on the economy, which can lead to an increase in the value of the Euro . Conversely, if the retail sector is struggling, it can have a negative effect on the economy, which can lead to a decrease in the value of the Euro .

So, in short, the latest Eurozone Retail Sales data shows that there has been a decline in sales, which may not be great news for the Euro .

The price is still inside a bearish channel where the value had a previous pullback on the 50% Fibonacci area inside a flag pattern . We are looking for a new short push-down continuation following our previous sell signals from Isoforex.

EURUSD trading chart

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