EUR/USD struggles to advance beyond 1.0780

The single currency keeps its bullish note during the second half of the week, sending EUR/USD to test fresh highs in the 1.0770/80 band.

EUR/USD focus on US data, G20

The pair is alternating gains with losses on Friday while the offered bias around the greenback stays unabated, particularly after the Fed disappointed market expectations of a more hawkish message at its meeting on Wednesday.

The US Dollar Index has sold off to the current area near the psychological support at 100.00 the figure, although sellers seem to struggle to take the buck further south of this key level for the time being.

Data in Euroland includes January’s Trade Balance figures while Industrial Production, Manufacturing Production, Capacity Utilization and the advanced reading of Consumer Sentiment gauged by the Reuters/Michigan Index are all due in the US docket.

Other events ahead of the weekend should see the 2-day G20 meeting focusing on populist trends, protectionism and currency manipulation.

EUR/USD levels to watch

At the moment the pair is losing 0.05% at 1.0761 and a breach of 1.0704 (low Mar.16) would open the door to 1.0650 (100-day sma) and then 1.0634 (55-day sma). On the other hand, the next up barrier is located at 1.0765 (high Mar.17) followed by 1.0829 (2017 high Feb.2) and finally 1.0873 (high Dec.8 2016).

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