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.