EUR/USD around 1.24 on US data, Fedspeak eyed

• The pair remains in the upper end of the range near 1.2400.
• US Factory Orders disappointed markets in January, down 1.4% MoM.
• FOMC’s voter and dovish member L.Brainard will speak later in the session.

The upbeat tone around the single currency remains well and sound on Tuesday, taking EUR/USD to the upper bound of the range near 1.2400 the figure.

EUR/USD bolstered by risk sentiment

Spot moves further north in the first half of the week and it is currently testing the 1.2400 neighbourhood on the back of a strong pick up in the risk appetite trends following North Korean and tariffs headlines.

In addition, the pair’s upside stays propped up by the lower-than-expected reading from US Factory Orders, contracting at a monthly 1.4% and in turn reverting December’s strong 1.8% gain. In addition, orders excluding Transportation expanded 0.4% MoM.

Ahead in the NA session, the greenback should remain under pressure in light of the speech by FOMC’s permanent voter and (mega) dovish Governor Lael Brainard.

EUR/USD levels to watch

At the moment, the pair is gaining 0.58% at 1.2408 and a break above 1.2415 (short-term resistance line) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18). On the downside, immediate contention emerges at 1.2297 (10-day sma) followed by 1.2272 (low Mar.1) and finally 1.2206 (low Feb.9).