Folks as we spoke earlier, Eurostat was due to release the Eurozone CPI data and it’s finally out. I must say, it’s quite disappointing for the Eurozone.

As per the report, the Euro area annual inflation rate came out as 1.6% in December 2018, down from 1.9% in November. A year earlier, the rate was 1.4%. European Union annual inflation was 1.7% in December 2018, down from 2.0% in November. A year earlier, the rate was 1.7%.

The EUR/USD has shown a bearish bias on the release of the event. The pair may face immediate support at $1.1370 and resistance at $1.1410.