EUR/USD gains faltered near 1.2500, US data eyed

  • Spot stays firm near 1.2500.
  • USD on the defensive around 88.70.
  • US calendar in the limelight later.

The European currency keeps the weekly upside well and sound on Thursday, prompting EUR/USD to trade at shouting distance from the key hurdle at 1.2500 the figure.

EUR/USD focused on US docket

The pair is up for the four straight session so far today, gaining around 3 cents since last week’s drops in the 1.2200 neighbourhood. The renewed and strong selling pressure surrounding the buck has always propped up the upside in spot this week in spite of auspicious results from US inflation figures during January.

In the meantime, the greenback remains unable to gather proper traction so far this week, despite expectations for further tightening by the Fed now gyrates around 3-4 rate hikes this year, the first one expected as soon as at the March meeting.

Looking ahead, ECB’s S.Lautenschlaeger and P.Praet are due to speak later, while regional manufacturing gauges by the Philly Fed index and the Empire State index plus initial claims and producer prices are all due across the pond.

EUR/USD levels to watch

At the moment, the pair is up 0.28% at 1.2485 and a breakout of 1.2524 (high Feb.1) would target 1.2537 (2018 high Jan.25) en route to 1.2598 (61.8% Fibo of the 2014-2017 drop). On the flip side, the immediate support emerges at 1.2354 (21-day sma) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

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