The euro dropped against its major counterparts in the European session on Wednesday, after the European Central Bank President Mario Draghi cautioned that there should be more evidence that inflation is moving towards to the goal to bringing net asset purchases to a gradual end.

Speaking at the annual ECB watchers conference in Frankfurt, Draghi said that inflation has been converging towards the aim over the medium term, but the policy makers are waiting for further evidence that inflation dynamics are moving in the right direction.

"There is a very clear condition for us to bring net asset purchases to an end: we need to see a sustained adjustment in the path of inflation towards our aim," he told.

"So monetary policy will remain patient, persistent and prudent," he added.

Data from Eurostat showed that Eurozone industrial production declined for the first time in four months in January.

Industrial production decreased 1 percent month-on-month in January, in contrast to December's 0.4 percent rise. This was the first fall since last September and also bigger than the forecast of 0.4 percent drop.

The currency traded mixed against its major rivals in the Asian session. While it rose against the yen and the greenback, it held steady against the pound and the franc.

The single currency retreated to 1.2364 against the greenback, from a 6-day high of 1.2413 hit at 1:30 am ET. On the downside, 1.21 is seen as the next possible support level for the euro.

The euro eased back to 0.8865 against the pound, after having advanced to 0.8879 at 4:00 am ET. The euro is seen finding support around the 0.87 region.

The 19-nation currency edged down to 131.73 against the yen, off its early high of 132.28. Next key support for the euro is likely seen around the 128.00 region.

Minutes from the Bank of Japan's January 22-23 meeting showed that members of the monetary policy board said that the country's economic growth is continuing at a satisfactory rate.

The members added that exports were on a rising trend, which was helping to fuel the recovery.

The euro reversed from its early highs of 1.5783 against the aussie, 1.6926 against the kiwi and 1.6068 against the loonie, dropping to 1.5673, 1.6872 and 1.6009, respectively. The next possible support for the euro is seen around 1.55 against the aussie, 1.68 against the kiwi and 1.56 against the loonie.

Following a 4-day high of 1.1709 hit at 4:00 am ET, the euro pulled back to 1.1692 against the Swiss currency. The euro is poised to find support around the 1.14 level.

Looking ahead, U.S. retail sales and producer prices for February, as well as business inventories for January are scheduled for release in the New York session.

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