EUR/USD sidelined around 1.2450, US data

• Spot extends the rangebound near 1.2450.
• USD also sidelined post-payrolls.
• US ISM non-manufacturing next on tap.

The consolidative theme around the greenback is leaving EUR/USD to navigate the area around 1.2450 for the time being, fading the initial spike to daily highs around 1.2475.

EUR/USD now focused on Draghi, US data

The pair clings to its daily gains as the greenback is extending its seesaw performance at the beginning of the week.

At the same time, market participants seem to have already digested Friday’s results from the US labour market, now shifting their attention to the money markets, where yields of the US 10-year benchmark area deflating from earlier tops beyond 2.88%, or multi-year peaks.

In the data space, EMU’s services PMI came in above estimates in January, while investor confidence tracked by the Sentix index dropped to 31.9 for the month of February.

Across the pond, January’s ISM non-manufacturing is expected to have improved a tad to 56.5 during last month.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.2459 and a breakout of 1.2475 (high Feb.5) would target 1.2522 (high Feb.2) an route to 1.2537 (2018 high Jan.25). On the flip side, the immediate support aligns at 1.2410 (low Feb.5) followed by 1.2336 (low Jan.30) and finally 1.2269 (21-day sma).