EUR/USD flirting with highs near 1.2330 on U-Mich

• US Consumer Sentiment came in at 99.7 vs. 99.5 expected.
• The pair upside momentum extends further north of 1.2300.
• Spot has almost fully retraced the post-Powell drop.

The demand for the shared currency remains on the rise at the end of the week and is now pushing EUR/USD higher to the 1.2340/50 band.

EUR/USD in 3-day peaks

The pair is already gaining around 2 cents since yesterday’s multi-week lows in the 1.2150 region, at the same time almost fully retracing the Powell-led sharp sell-off.

Spot keeps the upside momentum intact today despite US Consumer Sentiment came in at 99.7 for the month of February, surpassing both the preliminary reading and January’s 95.7.

In the meantime, spot managed to revert the weekly leg lower and is now trading back into the positive territory, with the upcoming ECB meeting poised as the next big risk event facing the single currency.

EUR/USD levels to watch

At the moment, the pair is gaining 0.46% at 1.2321 and a breakout of 1.2332 (high Mar.2) would target 1.2390 (short-term resistance line) and then 1.2557 (2018 high Feb.18). On the flip side, immediate contention emerges at 1.2206 (low Feb.9) seconded by 1.2195 (low Jan.18) and finally 1.2153 (low Mar.1).