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