EUR/USD struggling to extend momentum, US data and Trump awaited
|Having posted a session low near 1.0570 region, the EUR/USD pair regained traction and moved back above the 1.0600 mark.
The pair, however, continued with its struggle to attract follow through buying interest as investors remained reluctant to carry big positions ahead the key event risk - the US President Donald Trump's first address to a joint session of Congress, later during NY session.
Moreover, the ongoing political uncertainty in the Euro-zone, ahead of the French Presidential election, also remains a key issue for the Euro traders and has been another important fundamental factor responsible for the pair's near-term sideways price action within 100-pips broader trading range.
Ahead of Trump's speech, the US economic docket featuring the release of prelim Q4 GDP figures, Chicago PMI and CB's Consumer Confidence Index might provide some impetus for short-term traders. Meanwhile, repositioning trade, heading into the event risk, could further lead to some volatile price action during NA trading session.
Technical levels to watch
A follow through buying interest has the potential to lift the pair back towards 1.0630 intermediate resistance (yesterday's high) ahead of 1.0650 strong hurdle, above which the pair is likely to aim towards reclaiming the 1.0700 handle. Alternatively, reversal from current levels, and a subsequent break below 1.0570-65 support area, is likely to accelerate the slide towards 1.0530 horizontal support, en-route 1.0500 psychological mark.
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