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Forex: EUR/USD edges higher after US data

The euro edged slightly higher versus the dollar, moving off recent lows, after the latest string of US data showed housing starts declined 8.5% in January, while producer prices came in softer than expected.

EUR/USD rose toward the 1.3380 zone from 1.3370 right before the data, recovering from the 1.3360 area where the pair scored a low earlier on the day. At time of writing, EUR/USD is trading around 1.3375, still 0.1% below its opening price.

On the upside, the pair could face immediate resistances at 1.3400 (psychological level), 1.3450 (21-day SMA) and 1.3475 (high Feb 12). On the downside, below 1.3360, next supports are seen at 1.3307 (low Feb 15) and 1.3286 (low Jan 24).

Forex Flash: USD bearish reversal pattern dodged for now – RBS

Despite the recent drama surrounding the G20 the USD has managed to avert triggering an aggressive downside head and shoulders pattern by finding support on the neckline. According to Technical Strategist William Moore at RBS, “the USD looks a lot more constructive in the short-term however the risk of this pattern breaking to the downside remains and that risk would materialize should the 79.00 and 78.60 levels ultimately be broken. Otherwise we expect some previous monthly highs to be resistance at 80.86 and 81.46.”
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After dipping to multi-month lows in the proximity of 1.5280, the sterling is picking up pace now and trading back above the 1.5300 handle after the US data. Building Permits rose above estimates to 925K during...
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