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Forex: EUR/USD dragged up, erases intraday losses

The euro bounced sharply off lows and erased intraday losses versus the greenback after a G20 draft was unveiled, which makes no mention of a commitment not to target FX rates, and also supported by much better-than-expected US manufacturing data.

Dragged higher by the EUR/JPY spike, EUR/USD jumped back to the 1.3360/70 area and it is currently trading at the 1.3360 area, where it is virtually unchanged on the day.

Still the pair remains well within its intraday range. On the upside, immediate resistance for EUR/USD could be found at 1.3393 (intraday high), 1.3405 (100-hour SMA) and 1.3440 (200-hour SMA), while on the downside supports are seen at 1.3305 (intraday low), 1.3270 and 1.3255.

US: Total Net TIC Flows (Dec): $25.2B vs $29.7B (Nov)

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