Forex: EUR/USD around opening price after US consumer sentiment

The EUR/USD has recovered to the opening price area, around 1.3363, as US data was released. The preliminary report for February consumer sentiment by Reuters/Michigan points to a rise from 73.8 to 76.3, beating the 74.8 consensus.

Canada manufacturing shipments fell -3.1% in December, a wider drop than the -0.8% expected. US NY empire state manufacturing came in at 10.08 in February, surprising analysts that were only expecting an improvement from -7.78 to -2.00.

Although capacity utilization in the US improved from 78.8% (revised from 79.3%) to 79.1% in January, beating 78.9% consensus, industrial production fell -0.1%, instead of rising 0.2% as expected. Last month's data was revised lower, from 0.4% to 0.3%.

"The market reached the level of 1.3330 and is trying to start a correction, which is expected to be not very high", wrote Roboforex.com analyst Igor Sayadov, expecting the price to continue falling down towards the main target and then start forming a pivot point for a reverse.