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Forex pairs in this Article » EUR/USD (Barcelona) - The same way the EURUSD was held by the 1.3335 area to support yesterday's rally, so is the same zone holding the market against further downside. The pair had rallied to 1.3398 high ahead of the European session and profit taking not only erased gains but also pulled the price to as low as 1.3335. As of writing, the market is seen bouncing up to 1.3360.

The economic calendar is currently empty for the rest of the morning after the publication of UK retail sales, which contracted in December and eased on the annualized basis.

Spain bad loan ratio was reported to have risen from 11.23% to 11.38% in November. Italy industrial orders dropped -0.5% (MoM) to an annualized -6.7%, and industrial sales eased -0.2% (MoM) to an annualized -5.4%.

"Yesterday's break through 1.3315 initiated a rise to 1.3399 in an attempt for a test of 1.3404 high", wrote analyst Stoyan Mihaylov. "Although current intraday bias is negative, my outlook is bullish above 1.3320 support, for a rise through 1.3399, en route to 1.3500", he added.
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