EUR/USD turns positive near 1.2300 on renewed USD-weakness

The pair is gaining traction near the 1.2300 handle.
USD losing upside momentum, challenges the 90.00 mark.
EMU’s trade surplus came in at €3.3 billion, below estimates.

Pablo Piovano FXStreet

The now offered bias around the greenback is helping EUR/USD to move to the vicinity of the critical barrier at 1.2300 the figure, at the same time recording fresh daily highs.

EUR/USD looks to G-20 finmin meeting, risk trends

After testing fresh lows in the 1.2260/55 band earlier in the session, spot seems to have found buying interest along with a softer tone now surrounding the buck.

In fact, tracked by the US Dollar Index (DXY), the greenback has abandoned the area of daily highs in the proximity of 90.40 and is now putting the key support at 90.00 the figure to the test.

In the data space, trade surplus in the euro bloc unexpectedly shrunk to €3.3 billion during January, well below estimates (€22.6 billion) and down from December’s €25.4 billion.

News from the speculative community saw investors adding to their EUR net longs positions to the highest level since January 30 in the week to March 13, according to the latest CFTC report.

Later in the day, ECB’s Y.Mersch is due to speak, while markets should also follow the developments at the G-20 Finance Ministers, Central Bank Governors in Buenos Aires.

EUR/USD levels to watch

At the moment, the pair is up 0.05% at 1.2296 and a break above 1.2339 (10-day sma) would target 1.2414 (high Mar.14) en route to 1.2446 (high Mar.8). On the flip side, the next support emerges at 1.2206 (low Feb.9) seconded by 1.2165 (low Jan.18) and finally 1.2153 (low Mar.1).

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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