EUR/USD creeps to session tops near 1.2320
- The pair regained some buying interest after testing the sub-1.23 area earlier.
- The greenback is retreating from session peaks, tests 90.00.
- EMU’s Final February CPI next on tap, US housing sector also expected.
The single currency is now gathering some steam ahead of the opening bell in Euroland and is lifting EUR/USD back above the 1.2300 handle and flirting with session tops at the same time.
EUR/USD focused on data, US politics
The pair is looking for some stabilization in the lower end of the weekly range in the 1.2300 neighbourhood following Thursday’s strong pullback on the back of renewed sentiment around the buck.
On the USD-side, the greenback is losing some upside momentum after clinching fresh tops above the psychological 90.00 milestone yesterday, all amidst persistent concerns over a global trade war, fresh US sanctions against Russia and (usual) effervescence in the US political scenario.
The recent down move in spot has been in tandem with declining yields in the German 10-year Bund, which are trading in levels last seen in late January around 0.57%/0.58%.
In the data universe, EMU’s final February CPI is unlikely to attract some attention later today, while the main interest should be in data from the US housing sector, Industrial Production figures and the advanced gauge of US Consumer Sentiment.
EUR/USD levels to watch
At the moment, the pair is gaining 0.12% at 1.2320 and a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the flip side, the next support aligns at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).