EUR/USD lacks follow through traction, consolidates around 1.24 handle
| • Bounce off one-week lows amid renewed USD weakness.
• EUR further supported by upbeat German data.
The EUR/USD pair quickly retreated around 30-40 pips from session tops but has still managed to hold its neck above the 1.2400 handle.
After an initial dip to one-week lows, around mid-1.2300s, the pair caught some fresh bids and was being supported by renewed US Dollar selling pressure.
The greenback stalled its recent recovery move, triggered by last week's upbeat US employment data and further boosted by global risk aversion trade, and was seen as one of the key factors lending support to the major.
The shared currency got an additional boost from today's upbeat German factory orders data, which further collaborated to the pair's early European session spike to session high level of 1.2435.
The up-move, however, seemed lacking any strong follow-through buying interest as traders now look forward o the US economic data - trade balance figures,and JOLTs job openings, along with Fedspeak for some fresh impetus.
Technical levels to watch
Any meaningful up-move is likely to confront fresh supply near mid-1.2400s, above which the pair is likely to make an attempt to move past 1.2475-80 supply zone and aim towards reclaiming the key 1.2500 psychological mark.
On the flip side, 1.2380-75 zone now seems to protect the immediate downside, which if broken might now turn the pair vulnerable to break below mid-1.2300s and head towards testing the 1.2300 round figure mark.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.