EUR/USD sidelined near 1.0860 ahead of US data, Fedspeak

After climbing to the vicinity of 1.0900 the figure at the beginning of the week, EUR/USD is now looking to consolidate around 1.0860.

EUR/USD attention to US data, Fedspeak

Spot has surrendered part of Monday’s strong gains and is now trading in line with the broader rangebound sentiment, while the greenback is attempting a tepid recovery after sinking to multi-month lows on Monday when tracked by the US Dollar Index.

Auspicious readings from the German IFO for the month of March have also lent some support to the single currency, although the Dollar’s deep pullback was by large the main driver behind the pair’s up move.

Nothing worth mentioning in the euro docket today, whereas CB’s Consumer Sentiment and Goods Trade Balance are due across the pond along with speeches by Chief J.Yellen, J.Powell (permanent voter, centrist), KC Fed E.George (2019 voter, hawkish) and Dallas Fed R.Kaplan (voter, hawkish).

EUR/USD levels to watch

At the moment the pair is down 0.02% at 0862 facing the immediate hurdle at 1.0905 (high Mar.27) followed by 1.0933 (61.8% Fibo of 1.1300-1.0339) and finally 1.1094 (78.6% Fibo of 1.1300-1.0339). On the flip side, a breakdown of 1.0794 (low Mar.27) would target 1.0759 (low Mar.24) en route to 1.0704 (low Mar.16).