March 24 (Reuters) - EUR/USD traded near flat Monday with help from upbeat risk sentiment and investors who are increasing bullish bets on the euro may focus more intently on the 2024 high if U.S. data cooperate and the latest report on tariffs comes to fruition.

The latest CFTC data indicate a sharp increase in net-long euro positions. Longs hit their largest since the week ending September 29 2024. Increased confidence in improved European economic growth likely drove that increase and that confidence got a boost from March Euro Zone PMI, which indicated growth accelerated to a seven-month high. Reports from Bloomberg and Wall Street Journal said sector-specific tariffs are not likely to be announced by the Trump administration on April 2. The euro is likely to benefit should that indeed be the case. U.S. Q4 GDP and February PCE data could give EUR/USD a boost if they produce downside surprises.

Slower growth and price increases could sink the dollar and yields as the Fed may cut deeper than expected in an effort to support economic growth.

EUR/USD technicals highlight upside risks. Monthly RSI is rising and daily charts show consolidation of gains off the February 28 low persists. Consolidation is healthy for trends. Completion of the pattern with an upward move suggests the 2024 yearly high and possibly1.1500 could trade.
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)