EUR/USD flat, glued to 1.3740

FXStreet (Edinburgh) - The shared currency is almost unchanged vs. the greenback towards the end of the US session on Monday, taking the EUR/USD to the 1.3735/40 area.

EUR/USD eyes on German data

Tomorrow’s euro docket would be interesting, as German Q4 GDP figures, Italian retail sales and the economic growth forecasts by the European Commission are all due. Market consensus expects the German economy to have expanded 0.4% inter-quarter and 1.3% on a yearly basis. The US consumer confidence and the S&P/case-Shiller index would be in the limelight across the pond. In the opinion of Camilla Sutton, Chief FX Strategist at Scotiabank, “The key for EUR this week will be the release of the February flash CPI estimate on Friday which will flow directly into the ECB’s march 6th decision”. Sutton also added that the EUR’s short-term technicals remain in the bullish camp.

EUR/USD levels to watch

At the moment the pair is up 0.01% at 1.3739 and a breakout of 1.3777 (2014 high Jan.2) would expose 1.3796 (76.4% of 1.3894-1.3477) and finally 1.3819 (high Dec.30). On the downside, the immediate support lines up at 1.3702 (low Feb.21) followed by 1.3685 (low Feb.20).