EUR/USD stays bid, failed near 1.2300

Upside faltered below 1.2300.
USD remains offered.
US politics stays in centre stage.

Pablo Piovano FXStreet

The European currency keeps the positive note at the end of the week, now motivating EUR/USD to extend the sideline theme around 1.2270.

EUR/USD focused on US politics

The pair’s upside momentum failed to regain the 1.2300 handle earlier in the session, prompting spot to recede the current consolidative range in the 1.2370 region.

The offered bias around the greenback stays unabated so far today, although the US Dollar Index (DXY) keeps navigating the area above the critical 90.00 handle and always vigilant on the developments from the US political scenario. At the moment, members of the House of Representatives keep debating the 2-year budget deal passed earlier by US Senate.

Nothing scheduled data-wise in the euro area today and in the US docket, leaving the bulk of the attention to the broad risk appetite trends and to the above mentioned US politics.

EUR/USD levels to watch

At the moment, the pair is up 0.16% at 1.2266 and a breakout of 1.2327 (21-day sma) would target 1.2372 (10-day sma) en route to 1.2524 (high Feb.1). On the flip side, the immediate support emerges at 1.2212 (low Feb.8) seconded by 1.2167 (50% Fibo of the 2014-2017 drop) 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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