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Forex: EUR/USD falls back to 1.3390/1.3400

The EUR/USD quest for gains has been stalling around 1.3430 since early Wednesday trading and now, as the economic calendar becomes empty in Europe, the market decided to test the 1.3400 handle and the opening price of 1.3389 for support.

Both German and French CPI data were released in early European morning, followed by Italian industrial figures. The UK has been attracting much attention with BoE's meeting minutes revealing Governor King's vote in favor of more QE, lost in a 6-3 vote.

“Several tests above 1.3305 have failed and this signals, that a reversal process is underway, so my outlook here is bullish, for a break through 1.3520, en route to 1.3710”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key intraday support at 1.3370-80.

Forex Flash: EUR/USD targets 1.4257 long-term – RBS

According to Technical Strategist William Moore at RBS, “Despite the sell off in the week commencing the 4th of February it still looks like from a longer-term perspective that the bias is ultimately EUR positive, this is mainly from the inverse head and shoulders pattern as set out adjacent that’s target lies up at 1.4257, which is the spike higher from October 2011.”
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