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Forex: EUR/USD rallies on European opening

The EUR/USD was pushed higher as the European session begins, finding a high at 1.3472, not distant from yesterday's high of 1.3475. As of writing, the pair is successfully holding above 1.3450 and finding bids along the way. The economic calendar will soon reveal EMU industrial production data.

The Swiss PPI rose 0.1% (MoM) in January, easing from 1.0% to 0.8% on the annualized basis. The German Wholesale Price Index rose 0.3% (MoM) in January, but eased from +3.2% to +2.3% (YoY) while consensus was for +2.2%.

Commerzbank analysts believe the current rebound should terminate circa 1.3472/1.3518 (50% retracement of the recent sell off) and continue targeting 1.3270/56: “This is the 16th Jan low and the 61.8% retracement, however there is potential for a slide back to the 1.3246 3 month support line”, wrote analyst Karen Jones.

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The Swiss Producer and Import Prices increased 0.1% in January, following a 0.1% rise in December, according to data released today by the Federal Statistical Office. This result is in line with projections.
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