EUR/USD inches back closer to 1.18 handle ahead of US data

   •  Steady up-move back closer to 1.18 mark
   •  Thursday’s ECB decision holds the key

The EUR/USD pair has managed to hold on to the German IFO survey-led minor gains, with bulls now attempting a move back towards the 1.1800 handle. 

Against the backdrop of today's upbeat German IFO business climate index, a subdued US Dollar price action supported the pair's steady up-move through the mid-European session. 

ECB awaited

The momentum, however, seemed lacking strong conviction and might have been capped by surging US Treasury bond yields. Moreover, investors also seemed to refrain from placing aggressive bets and brace for Thursday's key event risk - ECB monetary policy decision, which would be looked upon for indications over a reduction of the central bank's monetary asset purchases. 

In the meantime, today's US economic docket, featuring the release of September durable goods orders and new home sales data, might provide some short-term trading opportunities. 

Technical levels to watch

Immediate resistance remains near the 1.1800 handle, above which the pair could head towards 1.1830 intermediate resistance ahead of 50-day SMA hurdle near mid-1.1800s. 

On the flip side, the 1.1755-50 area now seems to protect the immediate downside and is followed by support near 1.1725 area and the 1.1700 handle ahead of 100-day SMA support near the 1.1670-60 region.