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Forex: EUR/USD ignores US inventories, trading quietly

After peaking at 1.3520 and retracing to 1.3465 after US data publications, the EUR/USD is holding strong above 1.3575 (yesterday's high), trading at 1.3480 (+0.20% on the day).

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).

"The EUR/USD currency pair returned to the level of 1.3470. I think today the price may move downwards and reach the level of 1.3240”, wrote Roboforex.com analyst Igor Sayadov, expecting a formation of a reversal structure to start a new ascending movement.

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