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Forex: EUR/USD continues its correction higher

The single currency is accelerating its bounce of session lows around 1.3480, now hovering over the area around 1.3545/50 after mixed data out of the euro zone. Positive services PMI prints have contrasted with weak retail sales results, however the correction continued its march firmly.

As of writing, the cross is advancing 0.21% at 1.3541 facing the next resistance at 1.3660 (high Feb.4) ahead of 1.3664 (Upper Bollinger).
On the downside, a breach of 1.3415 (low Jan.29) would aim for 1.3377 (MA21d).

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Forex Flash: RBA steadies rates though future action eyed – NAB

The RBA today kept the cash rate steady at 3.00%, as expected by the market, having cut rates in December. “For us, they have retained an open mind on whether the non-mining sector will fill the void left as resources investment peaks and they also see lower inflation as giving them more scope to ease should that be necessary. We think there will be more easing in the months ahead.” writes the NAB Analyst Team.
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