EUR/USD keeps red near 1.0570 level ahead of US trade balance

The EUR/USD pair has managed to bounce off few pips from session low but maintained its bearish bias for the second consecutive day.

Currently trading around 1.0570-75 band, the pair's accelerated its rejection move from the 1.0600 handle, touched during early European session, and refreshed daily lows amid a mildly bullish sentiment surrounding the greenback, against the backdrop of rising possibilities for an eventual Fed rate-hike action in March.

Meanwhile, the release of final Euro-zone Q4 GDP growth numbers, in-line with original estimates, extended little support to the shared currency, with the US Dollar price dynamics being an exclusive driver of the pair's movement on Tuesday.

Today's US economic docket features the release of trade balance data and is unlikely to provide any fresh impetus for the pair's near-term trajectory.

Investors' focus would remains on this week's key event risks - ECB monetary policy decision on Thursday and the keenly watch US monthly jobs report (NFP) on Friday, which would help determine the next leg of directional move for the major. 

Technical levels to watch

Renewed weakness below 1.0560 level is likely to get extended towards 1.0535 intermediate support before the pair eventually drops to the key 1.0500 psychological mark support. On the flip side, the 1.0600 handle remains immediate strong barrier, which if conquered has the potential to lift the pair through three-week high resistance near 1.0640 level towards reclaiming the 1.0700 handle.