Investors may be too pessimistic on Eurozone economic prospects but marginal EUR gains from the intraday low just under 1.0530 perhaps reflect positioning (the long USD trade may be getting a little crowded) more than anything else.

The EUR is trading on a relatively firm basis on the short-term chart but spot remains confined to a narrow trading range and EUR gains need to push on through 1.0555/1.0560 to challenge trend resistance at 1.0580/1.0585. That is a possibility, based on bullish signals from the 1 and 6-hour charts, but the broader strength in the USD may curb EUR gains today.

EUR support is 1.0520/1.0525.