EUR/USD stays bid, around 1.2330 post-US data

The pair remains parked in the 1.2330 for the time being.
US Building Permits and Housing Starts missed expectations in February.
Next on tap will be US Industrial/Manufacturing Production, U-Mich.

Pablo Piovano FXStreet

EUR/USD stayed apathetic following the release of data from the US housing sector and is far keeping the trade around the 1.2330 region.

EUR/USD muted on data

Spot paid little-to-nil attention to the US docket so far today, where Building Permits and Housing Starts failed to meet initial market expectations, coming in at 1.298 million units (or -5.7%) and 1.236 million units (or -7.0%) during last month, respectively.

In the meantime, spot navigates a tight range with gains limited ahead of 1.2340 and decent support emerging in the sub-1.2300 region seen during early trade. The rangebound theme, however, remains well and sound for the time being.

Later in the NA session February’s Industrial Production, Manufacturing Production and Capacity Utilization will precede the flash reading of the Reuters/Michigan index.

EUR/USD levels to watch

At the moment, the pair is gaining 0.13% at 1.2321 and a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the flip side, the next support aligns at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

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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