The latest producer prices data for the eurozone showed an unchanged print for January. The data was below estimates of a 0.1% increase and down from a revised 0.1% increase in December. Meanwhile, in a separate report, Italy’s preliminary inflation data saw a 0.2% increase, beating estimates of a 0.2% decline.
EUR/USD Keeps the Downtrend Intact
The common currency continues to maintain a bearish outlook. Price action remains poised for a test of the lower support level at 1.1000. However, price needs to close below 1.1021 low to confirm this. A reversal above this price point could signal a higher high in price and potentially renew a price correction.
