Italy Jan Markit Services PMI falls to 43.9

The over-stretched move on Friday was sharply retraced yesterday: "The pullback has tested the accelerated uptrend at 1.3484 and this is starting to look exposed", wrote analyst Karen Jones. "We note the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart and we are wary of a deeper corrective phase", continued the Commerzbank analyst, pointing to the 1.3270/56 (16th Jan low and the 61.8% retracement) zone in a move below 1.3480.