The EURUSD pair extended losses on Wednesday, February 17. The price action started out near 1.2105 and sank immediately. The pair dropped to 1.2025 by the opening of the North American session and closed the day slightly higher, near 1.2035.
Strong macro data stateside contributed to the decline. Notably, US retail sales surged 5.3% MoM in January after a 1.0% decrease in December. The median forecast called for the reading to increase only 1.1% MoM.
The key pair has seen moderate gains during the first half of Thursday, and was trading near 1.2050 by 8:00 GMT. A corrective upward move is shaping up on the chart, which may point to an extension of the downtrend. In this case, a further decline to 1.1952 is likely.
As regards today's key macro news that could impact trading in the key pair, we advise FX players to watch for the ECB’s monetary policy meeting at 12:30 GMT.