EUR/USD consolidative above 1.18 amidst dull markets

The demand for the single currency stays firm so far on Tuesday, with EUR/USD managing well to keep the trade above the key 1.1800 handle so far.

EUR/USD upside limited near 1.1825

The pair keeps the narrow trading range in the first half of the week, navigating the low-1.1800s and with gains so far capped by the 1.1820/25 band.

Spot reclaimed the 1.1800 handle earlier in the session following a softer note from the greenback. In fact, tracked by the US Dollar Index, the buck still stays unable to revert the downbeat mood, as market participants continue to fade the recent strength post-payrolls.

The pair is also deriving further strength from the relentless upside in EUR/GBP on the back of increasing selling sentiment surrounding the Sterling.

On the data front, US NFIB’s business optimism index came in at 105.2 for the month of July vs. 103.6 initially forecasted. Later in the NA session, the IBD/TIPP index is due ahead of JOLTs Job Openings.

EUR/USD levels to watch

At the moment, the pair is advancing 0.15% at 1.1813 facing the next hurdle at 1.1824 (high Aug.8) seconded by 1.1893 (high Aug.4) and finally 1.1909 (2017 high Aug.2). On the other hand, a breakdown of 1.1727 (low Aug.4) would target 1.1657 (21-day sma) en route to 1.1611 (low Jul.26).