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EUR/USD geared up for a run at 1.2400

  • A shortened trading week with Easter approaching sees little macro data of note.
  • The Euro is testing higher to kick off the new week despite ongoing trade war fears.

The EUR/USD is trading close to last week's high of 1.2388, currently testing the water around 1.2370 heading into the new week's first European session.

The macro calendar is a thin showing this week, and most traders will be focused on the US final GDP figures due on Wednesday at 12:30 GMT. Monday represents an air-filled showing, and the EUR/USD pair is heading into the new week exposed to swings in market sentiment on trade war fears and Brexit concerns.

Headlines continue to be tariff-focused, and despite some potential glimmers of hope for an uneventful conclusion to the current round of trade war fears, market sentiment can expect to continue to face headwinds as traders stick close to safe-haven assets like the Yen. Brexit concerns have also quieted considerably following last week's announcement that the European Union and the UK have a plan, or at least a plan to have a plan, post-Brexit.

EUR/USD Levels to watch

Daily candle3s are continuing to consolidate around the 1.2300 major level, and pushes in either direction are having less of an effect and the pair finds itself in a sideways triangle. A break in either direction could establish a new medium-term trend, and the barriers are hanging at 1.2410 and 1.2240, with further resistance at 1.2445 and the major 1.2500 psychological level, while support sits at February's swing lows of 1.2205 and 1.2155.

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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