EUR/USD sidelined near 1.2370 ahead of EMU CPI

• The pair navigates the area of 1.2370, keeping the tight range so far.
• USD steady in the area of recent lows near 89.20.
• EMU’s final CPI figures next on tap along with Fedspeak.

EUR/USD keeps the rangebound them unchanged so far on Wednesday, hovering over the 1.2375/80 band against a context of persistent risk-on sentiment.

EUR/USD looks to data, Fedspeak

The generalized low volatility around the FX space leaves the pair within the familiar range, with gains limited just beyond 1.2400 the figure and moderate support emerging in the 1.2330 region.

On the other side, the greenback seems to have found some stabilization in the lower bound of the recent trade range near 89.20 when tracked by the US Dollar Index (DXY).

The risk-on sentiment is poised to prevail at least in the near term, as geopolitical concerns appears mitigated and there is a notable absence of headlines around the US-China trade war. In this regard it is worth mentioning the secret meeting between Trump’s CIA Chief and NK leader Kim Jong-un.

In the data space, final March CPI figures in the euro area will be the sole event in Euroland. Across the pond, speeches by FOMC’s R.Quarles and W.Dudley should keep the attention on the buck. Further publication will see the release of the Fed’s Beige Book.

EUR/USD levels to watch

At the moment, the pair is gaining 0.05% at 1.2376 facing the immediate resistance at 1.2414 (high Apr.17) followed by 1.2478 (high Mar.27) and then 1.2538 (high Jan.25). On the downside, a breakdown of 1.2300 (low Apr.12) would target 1.2214 (low Apr.6) en route to 1.2153 (low Mar.1).