March 10 (Reuters) - EUR/USD remains trapped within Friday's trading range. However, bulls appear to have the upper hand as flow data, spreads and technicals provide a tailwind.

The latest CFTC data indicates asset manager positioning continues to underpin EUR/USD strength. Asset manager long positions have been increasing since early December while short positions have been reduced since early January. These trends persisted in the latest reporting period.

Meanwhile, concerns President Trump's policies may lead to recession, while German spending plans could boost economic growth likely help fuel the asset manager flows and futher reduce the dollar's yield advantage over the euro.

German-U.S. 2-year yield spreads continue to trade near recent tights as do terminal rate spreads for the Fed and ECB . Spreads factor into EUR/USD's moves and further tightening could help keep EUR/USD's uptrend intact.

Finally, technicals also highlight upside potential. EUR/USD may have just entered a consolidation phase which would be a healthy development for the uptrend. Rising daily and monthly RSIs, EUR/USD's hold above the 200-DMA, and the 61.8% Fibo of the 1.1214-1.0125 drop give longs confidence.

November's monthly high and the 76.4% Fibo of 1.1214-1.0125 are impediments for longs. That said, should the current flows, diverging growth outlooks and techs persist, those impediments could break. The 2024 yearly high is then in focus.
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)