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Forex: EUR/USD breaks down in US session

After the profit taking drop from 1.3520 peak being supported by the 1.3465/80 area, the EUR/USD 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).

“EUR/USD 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).

US: EIA Crude Oil Stocks up 0.56M at Feb-8, unlike 2.400M consensus

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.
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Session Recap: EUR/USD lacking conviction

The dollar trades weaker versus most competitors on Wednesday, with the main exception of the pound which suffered in the wake of BoE King comments, saying the UK faces a further bout of inflation and a muted economic recovery. Aside from a few economic indicators – including US retail sales - headlines flow has been light and pairs were confined to narrow ranges. Meanwhile, Wall Street indexes opened higher with the S&P500 reachings its its highest intraday level since Nov. 1, 2007.
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