EUR/USD supported at 1.1800 ahead of US data

The EUR/USD pair extends its Asian consolidation box into Europe, with the bulls defending 1.18 handle, as attention turns towards the US macro news for fresh impetus.  

EUR/USD looks vulnerable below 1.1800

The spot is seen moving back and forth in a 20-pips narrow range so far this session, with the bid tone underpinned by a broadly weaker US dollar and softer tone seen around the European equities, which offer support to the funding currency Euro.

Meanwhile, the sellers continue to lurk near 1.1820/25 zone, as downbeat German exports figures continue to weigh on investors’ minds. Germany’s exports slumped by exports by 2.8%, the sharpest fall since August 2015, and is likely to have a negative effect on conservative Chancellor Angela Merkel’s popularity as the German head into polls next month.

Later today, the major now eagerly looks forward to the sentiment on the Wall Street for fresh incentives ahead of the US JOLTs job openings and economic optimism data release.

EUR/USD Technical Set-up  

Valeria Bednarik, Chief Analyst at FXStreet explains: “Technically, there's no notable progress in the EUR/USD pair, with the 4 hours chart showing that the price is unable to surpass a modestly bearish 20 SMA, currently around 1.1820, whilst the Momentum indicator remains flat below its 100 level and the RSI at 51, in line with the limited volatility around the pair. An upward acceleration though the daily high of 1.1823 should lead to an extension up to 1.1860, while beyond this last 1.1909 is the next resistance. The immediate support is 1.1785, followed by 1.1750 and 1.1715.”