Today have been published data on the index of consumer prices in the euro area, which in December showed a decline of 0.2%. Analysts had expected that the prices in the last month of the year will not change. The reason for such index movement has been the fall in energy prices. Core inflation that excludes energy prices was 0.8%. Investors expect that deflationary risks will force the ECB to launch a full-scale program of quantitative easing, which will lead to a further decline of the euro. We recommend holding short positions on EUR/USD with the objectives of 1.18 and 1.15.