EUR/USD looks to regain 1.2300 and above

• The pair reversed the up move to the 1.2340 area.
• Decent support emerged in the 1.2290.85 band for the time being.
• Final February’s manufacturing PMIs came in mixed in Euroland.

The now better tone around the greenback has dragged EUR/USD to as low as the 1.2290/85 band after briefly testing daily tops in the vicinity of 1.2340.

EUR/USD sideline theme unchanged

The pair alternates gains with losses so far this week, broadly in line with the generalized sentiment in the global markets and following the risk appetite trends.

On the buck’s side, all the looks remains on the effervescence around the potential US-China trade war and the usual uncertainty stemming from the White House, which continues to undermine any serious bullish attempt in USD.

Still in the euro area, February’s final manufacturing PMIs in the region came in on a mixed tone, while German Retail Sales expanded in line with initial forecasts during the same period.

Across the pond, nothing worth mentioning in the calendar, although speeches by Minneapolis Fed N.Kashkari (non voter, dovish) and FOMC’s L.Brainard (permanent voter, dovish) should keep the USD-traders entertained.

EUR/USD levels to watch

At the moment, the pair is advancing 0.02% at 1.2305 and a break above 1.2477 (high Mar.27) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.16). On the other hand, immediate contention emerges at 1.2282 (low Mar.29) followed by 1.2241 (low Mar.21) and finally 1.2206 (low Feb.9).