EUR/USD within range ahead of ECB, around 1.2370

• The index keeps the familiar range around 1.2370 ahead of ECB.
• ECB minutes next of relevance in Euroland along with ECB-speak.
• US Initial Claims, Export/Import Index coming up next in the US docket.

EUR/USD remains within the familiar range on Thursday, currently hovering over the 1.2370 region ahead of the key ECB minutes.

EUR/USD now looks to ECB

Spot is navigating a narrow range during the second half of the week, with the upside faltering around 1.2380 and decent support so far emerging in the mid-1.2300s.

The pair’s momentum keep looking to the risk appetite trend for direction, particularly after renewed risk aversion in light of the likely US military action in Syria, involving Russia at the same time.

Today’s publication of the ECB minutes has grown in importance following recent hawkish comments by ECB officials, while the central bank continues to slowly move towards normalization.

In the US data space, March’s Export/Import Prices are next on tap seconded by weekly Initial Claims and the speech by Minneapolis Fed N.Kashkari (non voter, dovish).

EUR/USD levels to watch

At the moment, the pair is losing 0.01% at 1.2365 and a breakdown of 1.2320 (21-day sma) would open the door to 1.2310 (10-day sma) and finally 1.2214 (low Apr.6). On the upside, the initial hurdle emerges at 1.2396 (high Apr.11) followed by 1.2478 (high Mar.27) and then 1.2538 (high Jan.25).