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Forex pairs in this Article » EUR/USD (Barcelona) - The EURUSD seems to be well supported at 1.3660 since the plunging ahead of 11:00 GMT. The market is trading lower today, having dropped below the 1.3600 handle and down by -0.54% on the day, as of writing.

"The market looks through all of them though and uses the rise in Spanish unemployment as excuse to push EURUSD lower as the market worries whether Draghi tries to verbally intervene in euro or rates markets on Thursday", wrote TD Securities analyst Richard Kelly. "We think it is doubtful he takes any strong verbal intervention, but the worries and market reducing positions into the ECB on Thursday may bias EUR lower until we get through the press conference", he added.

In December, EMU PPI dropped -0.2% as expected, the same pace as in November. Although market consensus was pointing to an annualized rise from 2.1% to 2.2%, data stayed unchanged.

EMU Sentix Investor Confidence improved from -7 to -3.9 in February, still not as high as the expected -3. Spain added 132.10K unemployed in January, not as much as the 150K expected, but still a very negative change, taking in account December's -59.1K drop. Soon, the EMU PPI data for January will be published. At 12:00 GMT, German Chancelor Merkel will be meeting Spain's PM Rajoy.

"The EURUSD currency pair is forming the first descending impulse, which may turn into a correction towards the level of 1.3330", wrote analyst Igor Sayadov, expecting consolidation between the levels of 1.3670 - 1.3610, then leave this consolidation channel downwards and continue the correction.
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