- The pair alternates gains with losses at the beginning of the week.
- The broader consolidative scenario remains in full play so far.
- US Retail Sales will be the salient event later in the day.
The single currency is alternating gains with losses vs. the greenback at the beginning of the week, taking EUR/USD to the 1.2330 region ahead of the opening bell in Euroland.
EUR/USD looks to US data
Spot is looking to stabilize in the lower bound of the recent range following the rejection from last week’s peaks in the boundaries of 1.2400 the figure, all amidst a steady buck and calm risk appetite trends.
In fact, both geopolitical risks and the potential US-China trade war appears alleviated, as President Trump seems to have moderated his rhetoric, lending some extra oxygen to the risk-associated complex.
In the data space, US Retail Sales for the month of March will be the salient publication along with speeches by Dallas Fed R.Kaplan (non voter, hawkish), Minneapolis Fed N.Kahkari (non voter, dovish) and Atlanta Fed R.Bostic (voter, centrist).
In addition, TIC Flows and the NAHB index are also due along with the start of the earnings season.
EUR/USD levels to watch
At the moment, the pair is losing 0.01% at 1.2331 and a breakdown of 1.2300 (low Apr.12) would open the door to 1.2214 (low Apr.6) and finally 1.2153 (low Mar.1). On the flip side, the next hurdle emerges at 1.2397 (high Apr.11) followed by 1.2478 (high Mar.27) and then 1.2538 (high Jan.25).
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