EUR/USD looks to gain traction near 1.0570
|The single currency has started the week on a firm fashion vs. the buck, now sending EUR/USD to the area of daily tops around 1.0570.
EUR/USD attention to EMU, US data
The pair is recovering some ground lost after the negative performance last Friday, although a sustainable break above the critical barrier at 1.0600 the figures still remains elusive for EUR-bulls.
The greenback is so far struggling to keep the trade above the 101.00 handle when tracked by the US Dollar Index (DXY), as cautiousness among traders is expected to pick up pace in light of key US releases ahead in the week as well as the speech by President D.Trump tomorrow and Chief J.Yellen’s speech on Friday.
From the speculative community, EUR net shorts have climbed to 5-week tops in the week to February 21 according to the latest CFTC report, removing some tailwinds from the recovery attempt seen in past sessions.
Data wise today, flash Spanish inflation figures for the current month are due followed by EMU’s M3 Money Supply and Private Loans figures along with several sentiment/confidence gauges. Across the pond, Pending Home Sales, Durable Goods Orders and the Dallas Fed index should keep the attention on the buck.
In addition, Dallas Fed R.Kaplan (voter, hawkish) is also due to speak.
EUR/USD levels to watch
At the moment the pair is up 0.09% at 1.0570 facing the initial hurdle at 1.0592 (55-day sma) followed by 1.0620 (high Feb.24) and finally 1.0651 (20-day sma). On the flip side, a breach of 1.0492 (low Feb.22) would target 1.0452 (low Jan.11) en route to 1.0339 (2017 low Jan.3).
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