The final inflation figures for Germany for January saw consumer prices falling. The decline was that of 0.6% during the month and was in line with the flash estimates.

Despite the decline, on a yearly basis, inflation hit a six-month high as CPI rose 1.7% on the year.

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EUR/USD Loses Support, Declines Further

The common currency failed to hold on the support area near 1.0897 and fell to a fresh yearly low. Price action remains biased to the downside amid the fundamentals also supporting this view.

The declines also mark a new low since mid-2017. With the downtrend in place, only a break of the falling trend line can confirm a shift to the upside.

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