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Forex: EUR/USD still below opening price

After first moving higher on the very positive ZEW survey February reading in Germany and Eurozone, spiking to 1.3373 high, the EUR/USD fell back to its low area around 1.3330. As the European morning ends and opens room for the US session, the pair remains below the opening price of 1.3350, currently trading at 1.3340.

Economic sentiment in both Germany (from 31.5 to 48.2) and Eurozone (from 31.2 to 42.4) improved in February survey by ZEW, beating consensus of 35.0 and 35.5, respectively. European equities are celebrating the sentiment registered by ZEW, counting gains in mid-session.

The US economic calendar is quite empty, with NAHB housing market index expecting to rise from 47 to 48 in February.
“The outlook here is still bearish as the pair is heading for a tight test of 1.3260 major support. I favor a reversal around the mentioned level to signal, that the whole corrective pattern since 1.3710 is over”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key resistance at 1.3425.

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