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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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The Commerce Department has informed that Building Permits rose by 925K during January, exceeding the median at 915K and December’s 903K...
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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.
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