- EUR/USD regains ground despite bearish data.
- German GDP, EU CPI figures due today
The EUR/USD pair has flattened out after gaining aggressively through the previous London markets, range-bound heading into the overnight session near 1.2330.
Thursday's trading saw the pair recover steeply from Wednesday's FOMC-fueled tumble and the pair's decline from 1.2555 has found some respite as Dollar-buying cools off heading into the last trading day of the week.
The Euro picked itself back up against the Dollar despite disappointing German IFO data and a typical ECB meeting that failed to spark, and market sentiment appears to be driving valuations rather than macroeconomics as USD buying receded once again.
Friday will see more German data with GDP figures at 07:00 GMT and European Union CPI dropping at 10:00. Both German GDP and EU CPI are forecast to come in unchanged from their previous readings, at 2.3% and 1.3% respectively.
EUR/USD Technicals
As FXStreet's Valeria Bednarik stated in her EUR/USD analysis, "The EUR/USD pair peaked at 1.2351 after bottoming for the day at 1.2259 during Asian trading hours, now around 1.2325, and below a critical resistance, the 61.8% retracement of the February rally around 1.2340. Next in line, should the pair clears this up, would be the 1.2380 region, where the pair has the 50% retracement of the same rally, although seems unlikely that this last would be reached today, at least as long as yields remain near their multi-year highs. Supports come at the 1.2300 round figure, followed by the mentioned daily low at 1.2259, and the February monthly low at 1.2205."
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