EUR/USD unmotivated near 1.0720 ahead of Draghi, data

EUR/USD is now prolonging its consolidative theme in the low-1.0700s always amidst a persistent offered bias around the greenback.

EUR/USD bid above 1.0700

The pair keeps the upside momentum well and sound at the beginning of the week, always against the backdrop of a weaker Dollar as Trumphoria keeps losing vigour.

Spot advanced to fresh 7-week tops just above 1.0750 during overnight trade, although the up move lacked of follow through and prompted the current slide to the 1.0730/20 region.

Price action remains exclusively driven by USD-dynamics, which in turn keeps its focus on the developments from the new US administration and its potential future steps.

In the positioning space, the latest CFTC report showed EUR speculative net shorts have climbed to 2-week tops on the week to January 17.

On the data front, EMU’s advanced Consumer Confidence gauged by the European Commission is only due later, with consensus expecting an improvement to -4.8 for the current month.

EUR/USD levels to watch

The pair is now up 0.14% at 1.0718 and a breakout of 1.0755 (high Jan.23) would open the door to 1.0798 (high Dec.5) and then 1.0873 (high Dec.8). On the flip side, the immediate support aligns at 1.0622 (low Jan.19) followed by 1.0619 (short-term support line) and finally 1.0598 (55-day sma).