EUR/USD back and forth around 1.2400

• EUR/USD consolidates around 1.2400, not far from multi-year highs
• EU data fails to provide momentum

EUR/USD traded back and forth around 1.2400 throughout the day, as investors take a cautious approach ahead of key economic events such us FOMC meeting on Wednesday and US nonfarm payrolls due on Friday.

The greenback has been driven by US Treasury yields over the last sessions, while a series of EU data was overlooked by investors. EUR/USD fell to a low of 1.2334 on Tuesday before bouncing to the 1.2450 area. However, the pair failed to sustain upward momentum and settled around 1.2400, not too far from its 3-year peak of 1.2537.

EUR/USD levels to watch

In terms of technical levels, EUR/USD could find next supports at 1.2321 (10-day SMA), 1.2290 (Jan 24 low) and 1.2222 (Jan 23 low). On the other hand, resistances could be faced at 1.2453 (intraday high), 1.2493 (Jan 26 high) and 1.2537 (3-year high scored Jan 25).