EUR/USD is bouncing modestly from sub-1.2000 as a modest advance in equities prevents the dollar from advancing further, with the pair trading around 1.2030. Valeria Bednarik, Chief Analyst at FXStreet, sees the world’s most popular currency pair vulnerable while below 1.2060.
See: EUR/USD to grind higher this year – HSBC
“European data disappointed, as German Retail Sales fell by 4.5% MoM in January, while the year-on-year comparison came in at -8.7%. European inflation was up by 0.9% YoY in February, according to preliminary estimates, missing the market’s expectations.”
“The EUR/USD pair remains below 1.2060, the 38.2% retracement of the November/January rally, which maintains the overall risk skewed to the downside.”