EUR/USD unmotivated around 1.2330, US data on sight

Spot remains parked with moderate gains above 1.2300 the figure.
US tariffs on Chinese imports keep weighing on risk sentiment.
US New Home Sales, Durable Goods Orders and Fedspeak on the docket later.

Pablo Piovano FXStreet

The single currency keeps the positive note at the end of the week and is now taking EUR/USD to the 1.2320/30 band, a tad lower than earlier session tops.

EUR/USD focused on risk, US data

The pair is trading close to the upper end of the weekly range above the key 1.2300 milestone, reverting yesterday’s retracement albeit still unable to break above the critical short-term resistance line off YTD tops, today at 1.2365.

Increasing risk-off sentiment continues to dominate the global markets so far today in response to yesterday’s announcement of US tariffs on Chinese imports worth $60 billion and the subsequent fears of a trade war.

Nothing due data wise in the euro area other than the EU Summit, although it is unlikely to provide any headlines to move the markets.

Later in the NA session, Durable Goods Orders and New Home Sales for the month of February are expected. In addition, Atlanta Fed R.Bostic (voter, centrist) and Minneapolis Fed N.Kashkari (non voter, dovish) are also due to speak.

EUR/USD levels to watch

At the moment, the pair is gaining 0.24% at 1.2332 and a break above 1.2388 (high Mar.22) would aim for 1.2414 (high Mar.14) and then 1.2448 (high Mar.8). On the flip side, immediate contention emerges at 1.2241 (low Mar.21) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).

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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