EUR/USD finds some bids near 1.0730

Pablo Piovano FXStreet

EUR/USD keeps the red territory so far today, finding some support in the 1.0740/30 band following US releases.

EUR/USD now looks to G20

The pair has run out of steam around 5-week tops near 1.0780 recorded during overnight trade, as traders seem to keep cashing up part of the recent strong gains, specially in the wake of the FOMC meeting on Wednesday. In addition, recent election polls in France suggested far-right candidate Marine Le Pen would be narrowing its gap with candidate E.Macron in a hypothetical second round.

Spot posted no noticeable reaction after today’s mixed results from the US docket, where Industrial Production came in flat MoM in February (vs. +0.2% exp.) and Manufacturing Production expanded more than forecasted 0.5% inter-month during the same period. Further data saw Capacity Utilization down a tad to 75.4% from 75.5%.

In the meantime, EUR/USD stays firmly on its way to close the third consecutive week with gains, up nearly 3 cents since sub-1.0500 lows seen in late February.

Later in the NA session, flash US Consumer Sentiment measured by the Reuters/Michigan Index is only due, while markets’ focus should start to shift to the upcoming G20 meeting.

EUR/USD levels to watch

At the moment the pair is losing 0.27% at 1.0737 and a breach of 1.0704 (low Mar.16) would open the door to 1.0650 (100-day sma) and then 1.0634 (55-day sma). On the other hand, the next up barrier is located at 1.0765 (high Mar.17) followed by 1.0829 (2017 high Feb.2) and finally 1.0873 (high Dec.8 2016).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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