EUR/USD within range around 1.2320
- The pair trade within a tight range around 1.2320.
- USD bonces off lows, keeps business above 90.00 so far.
- Calendar is muted, only EU finmin meeting grabs attention.
After two consecutive daily pullbacks, EUR/USD is now up smalls amidst the persistent risk-on sentiment following Friday’s US Non-farm Payrolls (313K).
EUR/USD focused on risk sentiment
The pair is posting marginal gains at the beginning of the week, maintaining the rangebound theme intact since the beginning of February between 1.2150 and 1.2550.
The bias towards the risk-associated assets has been supporting spot so far today, as market participants continue to digest Friday’s auspicious results from US payrolls. It is worth recalling that the US economy added 313K jobs during February, beating expectations. However, the key Average Hourly Earnings – a proxy for wage inflation – came in a tad below expectations and off January’s strong advance (2.9%).
On the positioning front, EUR speculative net longs receded to 2-week lows during the week ended on March 6, according to the latest CFTC report.
Data wise today, nothing worth mentioning in both the US and the euro area while the EU finmin meeting appears to grab all the attention today.
EUR/USD levels to watch
At the moment, the pair is up 0.11% at 1.2321 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, immediate contention emerges at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18).
