EUR/USD sidelined around 1.2270, USD steady
- The pair stays rangebound in the 1.2270/75 on Monday.
- USD manages well to keep trade above the 90.00 mark so far.
- Sentix index next of relevance. ECB’s Constancio, Praet to speak later.
EUR/USD is posting marginal losses at the beginning of the week, currently attempting a sidelined pattern around 1.2270 ahead of the opening bell in Euroland.
EUR/USD looks to risk, data, ECB
The pair is alternating gains with losses at the upper end of the recent range, looking to add gains to Friday’s advance to the vicinity of 1.2300 the figure following lower-than-expected results from US Non-farm Payrolls in march (103K).
Easing concerns over US-China trade war are giving some respite to markets so far today, although the sentiment around the matter remains fragile and keep risk appetite trends on edge.
On the positioning front, investors scaled back their EUR net longs to the lowest level in the last two weeks during the week ended on April 3, according to the latest CFTC report.
Later in the session, EMU’s Investor Confidence tracked by the Sentix Index is due along with speeches by ECB’s V.Constancio and P.Praet.
EUR/USD levels to watch
At the moment, the pair is retreating 0.02% at 1.2278 facing immediate contention at 1.2216 (low Apr.6) seconded by 1.2206 (low Feb.9) and then 1.2165 (low Jan.18). On the other hand, a break above 1.2299 (10-day sma) would target 1.2346 (high Apr.2) en route to 1.2478 (high Mar.27).
