EUR/USD trades flat in the mid-1.2100 on turnaround Tuesday. US politics, yields keep dominating the FX universe so far this week. Retail Sales in Italy contracted nearly 7% MoM in November. The downside pressure in the single currency appears mitigated so far on turnaround Tuesday and motivates EUR/USD to hover around themed-1.2100s in the wake of te opening bell in Euroland. EUR/USD looks to USD, pandemic, risk trends EUR/USD is attempting to finally reverse three consecutive daily pullbacks and spark a more serious rebound after bottoming out in 3-week lows near 1.2130 at the beginning of the week. Indeed, the persistent and renewed buying pressure surrounding the greenback forced the pair to recede from yearly tops in the 1.2350 region, shedding at the same time more than 2 cents in just three sessions. As usual, the upside momentum in US yields – particularly the 10-year benchmark – has been bolstering the recovery in the buck in detriment of the demand for risk-associated assets. Nothing relevant data wise in the euro area on Tuesday other than the nearly 7% monthly contraction of Italian Retail Sales during November. Across the pond, the NFIB Index is due followed by the IBD/TIPP Index, JOLTs Job Openings and the API’s report on US crude oil supplies. Additionally, Atlanta Fed R.Bostic (voter, centrist), FOMC’s L.Brainard (permanent voter, dovish), Dallas Fed R.Kaplan (2023 voter, hawkish), Cleveland Fed L.Mester (2022 voter, hawkish) and KC Fed E.George (2022 voter, hawkish) are all scheduled to speak throughout the session. What to look for around EUR The upside momentum in EUR/USD run out of steam in the 1.2350 area earlier in the month. In spite of the corrective downside, the outlook for EUR/USD remains constructive and appears supported by prospects of a strong recovery in the region (and abroad), which is in turn underpinned by extra fiscal stimulus by the Fed and the ECB. In addition, real interest rates continue to favour the euro area vs. the US, which is also another factor supporting the EUR along with the huge, long positioning in the speculative community. EUR/USD levels to watch At the moment, the pair is gaining 0.14% at 1.2166 and a break above 1.2349 (2021 high Jan.6) would target 1.2413 (monthly high Apr.17 2018) en route to 1.2476 (monthly high Mar.27 2018). On the other hand, immediate contention is seen emerging at 1.2132 (weekly low Jan.11) seconded by 1.2058 (weekly low Dec.9) and finally 1.2032 (23.6% Fibo of the 2017-2018 rally). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/JPY Price Analysis: Jumps to fresh multi-month tops, ascending triangle breakout in play FX Street 2 years EUR/USD trades flat in the mid-1.2100 on turnaround Tuesday. US politics, yields keep dominating the FX universe so far this week. Retail Sales in Italy contracted nearly 7% MoM in November. The downside pressure in the single currency appears mitigated so far on turnaround Tuesday and motivates EUR/USD to hover around themed-1.2100s in the wake of te opening bell in Euroland. EUR/USD looks to USD, pandemic, risk trends EUR/USD is attempting to finally reverse three consecutive daily pullbacks and spark a more serious rebound after bottoming out in 3-week lows near 1.2130 at the beginning of the week. Indeed, the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.