EUR/USD keeps 1.2300 on data, USD steady


  • The pair sticks to daily gains around the 1.2300 neighbourhood.
  • EMU’s Investor Confidence missed consensus at 24.0 in March.
  • US ISM Non-manufacturing, speech by Quarles next on tap.

The single currency is waging gains with losses vs. the greenback at the beginning of the week, with EUR/USD gyrating around the 1.2300 handle for the time being.

EUR/USD focused on Italy, data

The pair is struggling to extend its march north on Monday, while it seems to have found strong resistance at recent peaks in the 1.2330 region.

The likelihood of a hung government following the victory of the ‘euro-skeptic’ 5-Star Movement at the Italian elections poured cold water over the recovery in EUR seen in past sessions, at the same time hurting the positive sentiment after the announcement of a grand-coalition government in Germany.

Adding to the unclear direction in the pair, the Sentix index – which gauges investors’ confidence in the euro region – surprised to the downside in March at 24.0, below forecasts and February’s reading.

News from the speculative community saw EUR net longs climbing to 3-week tops during the week ended on February 27, according to the latest CFTC report.

Later in the NA session, the ISM Non-manufacturing is due along with the speech by FOMC’s R.Quarles.

EUR/USD levels to watch

At the moment, the pair is losing 0.08% at 1.2307 with immediate contention emerging at 1.2206 (low Feb.9) seconded by 1.2195 (low Jan.18) and finally 1.2153 (low Mar.1). On the upside, a breakout of 1.2338 (high Mar.5) would target 1.2401 (short-term resistance line) and then 1.2557 (2018 high Feb.18).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD recaptures 1.2050 amid upbeat EZ PMIs, USD decline

EUR/USD is trading above 1.2050 after upbeat Eurozone Preliminary PMIs. The US dollar remains heavily offered across the board amid a mixed market mood, in the wake of Biden's plan for a tax hike. US PMIs awaited. 

EUR/USD News

GBP/USD holds gains below 1.3900 amid upbeat UK data

GBP/USD is consolidating gains below 1.3900, as the US dollar resumes decline after Biden's tax hike plan fuelled rally fades. The UK Retail Sales and PMIs beat expectations, offering support to the pound. 

GBP/USD News

Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD eases from tops, downside remains cushioned

Gold struggled to capitalize on its intraday positive move to the $1,790 region. A modest bounce in the equity markets, US bond yields exerted some pressure. The prevalent USD selling bias should help limit the downside for the commodity.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more

Forex MAJORS

Cryptocurrencies

Signatures