- The pair staged a rebound from lows around 1.2250.
- DXY is now coming under pressure after testing tops near 90.30.
- US Initial Claims and Trade Balance figures next on tap.
After bottoming out in the mid-1.2200s earlier in the session, a now softer tone around the greenback is allowing EUR/USD to rebound to the 1.2270/75 band.
EUR/USD now looks to data
The pair keeps the familiar range around 1.2270 on Thursday, coming up after briefly testing the mid-1.2200s as some selling pressure emerged in the buck following fresh daily tops in the US Dollar Index.
EUR paid little attention to disappointing final Services PMIs and Retail Sales in Euroland for the month of February, while Producer Prices surprised to the upside during the same period (0.1% MoM and 1.6% YoY).
Later in the session, the usual US Initial Claims is due seconded by February’s Trade Balance figures and the speech by Atlanta Fed R.Bostic (voter, centrist).
EUR/USD levels to watch
At the moment, the pair is flat at 1.2277, facing immediate contention at 1.2249 (low Apr.3) followed by 1.2241 (low Mar.21) and finally 1.2206 (low Feb.9). On the upside, a break above 1.2327 (10-day sma) would target 1.2478 (high Mar.27) en route to 1.2537 (high Jan.25).
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.
Latest Forex News
Editors’ Picks
EUR/USD steady above 1.2000 as investors wait for the ECB
EUR/USD is unchanged around 1.2030 for a second consecutive day, as speculative interest holds back ahead of the European Central Bank decision.
GBP/USD trades above 1.39 as the dollar takes a breather
GBP/USD has bounced back above 1.39, recovering as the dollar cedes some ground. The greenback benefited from the risk-off mood, while the pound struggles after CPI missed with 0.7% and as UK PM Johnson warns of winter covid wave.
EUR/USD steady above 1.2000 as investors wait for the ECB
EUR/USD is unchanged around 1.2030 for a second consecutive day, as speculative interest holds back ahead of the European Central Bank decision.
Enjin Coin price shakes off selling pressure, primed for a 25% rally
Enjin Coin price outlook has shifted to neutral. It is on the verge of completing a high probability bottoming pattern, showing a positive divergence from some of the other cryptocurrencies that have printed new correction lows over the last couple of days.
European Central Bank Preview: Five reasons for Lagarde to lift the euro
The German ZEW Economic Sentiment, the Sentix Investor Confidence and Markit's Purchasing Managers' Indexes have been rising and surprising to the upside in recent months.