• 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.

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).

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD hovers around 1.0500 ahead of German inflation, central bankers

EUR/USD hovers around 1.0500 ahead of German inflation, central bankers

EUR/USD is trading close to 1.0500, undermined by the market anxiety ahead of the key data/events. ECB’s Lagarde failed to recall buyers amid inflation fears, yields remain pressured amid recession risks. Fed’s Powell need to defend the hawkish policy.


GBP/USD drops below 1.2200 as US dollar firms up

GBP/USD drops below 1.2200 as US dollar firms up

GBP/USD is trading below 1.2200, erasing gains amid a renewed uptick in the US dollar across the board. Investors remain wary amid looming recession and Brexit worries. Powell and Bailey is due to speak at the Policy Panel at the ECB Forum on Wednesday. 


Gold hits two-week low, near $1,815 ahead of central bank speakers

Gold hits two-week low, near $1,815 ahead of central bank speakers

Gold prolonged this week's rejection slide from the very important 200-day SMA and edged lower for the third successive day on Wednesday. The downtick dragged spot prices to a nearly two-week low, around the $1,816-$1,815 region.

Gold News

Breaking: Bitcoin price at risk after dipping below $20,000

Breaking: Bitcoin price at risk after dipping below $20,000

 Bitcoin price has retraced nearly 10% over the past three days, going from a high of $22,020 on June 26th to recently hitting a low of $19,890.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!