EUR/USD looking to springboard off of 1.23

• The Euro is looking for some bids heading into the holiday Friday markets.
• Thin macro data leaves the pair exposed to thin volumes as Easter closes in.

The EUR/USD is lifting ahead of the European markets, continuing the bounce seen in the previous New York session after hitting a low of 1.2284, and the pair is now testing around the 1.2315 region.

The Euro tended sideways yesterday ultimately losing some ground against the US Dollar to end the day slightly lower after several failed attempts to push higher. Today's session is geared to be a quiet affair, with Germany and other major economies shuttered for the Easter long weekend, though we will be seeing Consumer Spending, Producer Prices, and Consumer Price Index figures for France at 06:45 GMT, followed by Italian CPI figures at 09:00 GMT. The French CPI preliminary figure (EU Normalized) is expected at 1.5 percent versus the previous reading of 1.3 percent, while the initial Italian CPI (EU Normalized) is forecast at 2.1 percent, a big upswing from the previous period's -0.5 percent contraction.

Next week will be bringing the Europea Union's (EU) preliminary CPI figures for March, and traders will be looking for some positive news to push the European Central Bank (ECB) further down the path to fiscal tightening. With a slowdown for economic growth on the cards for the first quarter of 2018, the ECB is hesitating at pulling the rate hike trigger, and many expect the ECB to remain on hold for a little while longer.

EUR/USD Levels to consider

The pair has wound up largely flat for March, and the month's gains have been hard-fought thus far, but the pair has failed to either make up ground from February's decline or make siginificant headway from the bottom at March's outset, and current action has been middling closely into the 34 EMA at 1.2320, and current support is sitting thin at the last swing low of 1.2297 with further support from last week's low of 1.2240, while resistance is sitting at last week's high of 1.2388 and this week's high of 1.2475.

Further reading: Commerzbank's Karen Jones' outlook on EUR/USD from yesterday, pre-German CPI.