EUR/USD lacks follow through traction, consolidates around 1.24 handle

Haresh Menghani FXStreet

• Bounce off one-week lows amid renewed USD weakness.
• EUR further supported by upbeat German data.

The EUR/USD pair quickly retreated around 30-40 pips from session tops but has still managed to hold its neck above the 1.2400 handle.

After an initial dip to one-week lows, around mid-1.2300s, the pair caught some fresh bids and was being supported by renewed US Dollar selling pressure.

The greenback stalled its recent recovery move, triggered by last week's upbeat US employment data and further boosted by global risk aversion trade, and was seen as one of the key factors lending support to the major.

The shared currency got an additional boost from today's upbeat German factory orders data, which further collaborated to the pair's early European session spike to session high level of 1.2435.

The up-move, however, seemed lacking any strong follow-through buying interest as traders now look forward o the US economic data - trade balance figures,and JOLTs job openings, along with Fedspeak for some fresh impetus.

Technical levels to watch

Any meaningful up-move is likely to confront fresh supply near mid-1.2400s, above which the pair is likely to make an attempt to move past 1.2475-80 supply zone and aim towards reclaiming the key 1.2500 psychological mark.

On the flip side, 1.2380-75 zone now seems to protect the immediate downside, which if broken might now turn the pair vulnerable to break below mid-1.2300s and head towards testing the 1.2300 round figure mark.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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