EUR/USD stays in lows near 1.0740, ECB, Eurogroup eyed

The better tone around the greenback has now relegated EUR/USD to the lower end of the range near 1.0740 just after the opening bell in Euroland.

EUR/USD looks to US data, ECB-speak

Choppy week for the pair so far, although it is managing well to keep the trade above the 1.0700 handle for the time being.

Renewed demand for the buck is prompting the ongoing knee-jerk to fresh daily lows in the 1.0740/30 band, although the broader near term picture continues to show the greenback under pressure, particularly from the US political scenario and especially since D.Trump took office last Friday.

Data wise in the euro bloc, German Consumer Confidence is expected to improve in February according to the latest survey by Gfk. Further events today include the Eurogroup meeting with the Greek bailout ontop of the agenda plus speeches by ECB’s board members B.Coeure and Y.Mersch.

EUR/USD levels to watch

The pair is now losing 0.13% at 1.0737 and a breakdown of 1.0709 (low Jan.25) would open the door to 1.0684 (short-term support line) and finally 1.0614 (20-day sma). On the flip side, the next resistance lines up at 1.0775 (high Jan.24) followed by 1.0798 (high Dec.5) and then 1.0873 (high Dec.8).