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Forex: EUR/USD in sharp rally little after EMU data

Pressured on the European opening to as low as 1.3322, the EUR/USD is surprising everyone with a quick and sharp rally from below 1.3340 to as 1.3380, for now. Extreme volatility in a day with an empty calendar and the US and Canada off on holidays.

The EUR/USD erased all its daily losses and is now edging higher on Monday. The Bank of Spain updated its bad bank loans information, indicating an improvement from 11.4% to 10.4% in December.

Seasonally adjusted current account in the Eurozone shows a narrower surplus from €15.9B (revised from €14.8B) to €13.9B in December, still higher than the expected €13.9B. Non-adjusted data widened from €20.8B (revised from €19.8B) to €27B, coming lower than the expected €30B.

"The outlook here is still bearish as the pair is heading for a tight test of 1.3260 major support", wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal around the mentioned level to signal, that the whole corrective pattern since 1.3710 is over. "Key resistance on the upside is 1.3425"; he added.

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