EUR/USD flirting with session lows near 1.2300

• The pair comes under renewed pressure around the 1.2300 handle.
• USD turns positive above the critical 90.00 milestone.
• No data in US, euro area leaves the attention to risk trends.

EUR/USD has now come under renewed selling pressure and it is testing the area of daily lows in the 1.2300 neighbourhood.

EUR/USD looking to break the range

The pair navigates the familiar range between 1.2155 and 1.2555 that has been in play since February, as a strong-enough catalyst to break the consolidative theme still remains absent.

The recent cautious stance from the European Central Bank failed to push spot further north of the mid-1.2400s, while the lack of wage inflation seen in the latest US Payrolls report kept pullbacks shallow.

In the meantime, spot is likely to extend the current consolidation scenario, always vigilant on the prospects of any change in the ECB message, potential European retaliation after the recently announced tariffs on US imports of steel and aluminum and the advances (if any at all) to clinch a coalition government in Italy following the inconclusive results a week ago.

Furthermore and still around EUR, the speculative community trimmed its net long positions to 2-week lows during the week ended on March 6, according to the latest CFTC report.

Data wise today, nothing worth mentioning in both the US and the euro area while the EU finmin meeting appears to grab all the attention today.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.2304 with immediate contention emerging at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the flip side, a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18).