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Forex pairs in this Article » EUR/USD (Barcelona) - After the profit taking drop from 1.3520 peak being supported by the 1.3465/80 area, the EURUSD finally broke down and retraced all of its daily gains, easing below the opening price of 1.3454. The market is currently trading next to its daily low (1.3438), quoting at 1.3442 as of writing.

A downbeat change in crude oil stocks in the US was revealed for the week ending at February 8. Data only rose by 0.56M, while analysts were expecting 2.400M, close to the figure in the prior week of 2.623M.

In December, Business Inventories in the US have risen +0.1%, coming below the expected rise of 0.3%. November data was revised lower, from +0.3% to +0.2%.

US import prices rose +0.6% (consensus of +0.7%) and import prices rose +0.3% (as expected) in January (MoM). US retail sales excluding autos rose +0.2% (consensus of +0.1%), while the headline index rose +0.1% as expected in January (MoM).

"EURUSD has broken the resistance at 1.3429 (08/02/2013 high), validating a short-term bullish head and shoulders with an implied target at 1.3533", wrote MIG Bank analyst Bijoy Kar, pointing to hourly resistances at 1.3476 (12/02/2013 high) and 1.3578. An hourly support can be found at 1.3410 (intraday low).
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