EUR/USD: Wednesday’s low tested ahead of ECB minutes

The EUR/USD pair keeps its range around 1.12 handle, with the bears retaining control amid rising demand for the greenback across the board.

EUR/USD capped by 20-DMA near 1.1215

Currently, EUR/USD trades -0.05% lower at t 1.1199, having posted fresh session highs at 1.1191 last hour. The main currency pair struggles to reclaim 1.12 handle as the US bulls remain in charge as the European session gets underway. The USD index trades +0.12% higher at 96.25.

Moreover, a positive start to the European markets also continues to weigh on the funding currency status euro, and keeps the major in the red zone. However, the EUR appears to find support from better-than expected German factory orders data. Germany factory orders for Aug climbed 1.0% m/m vs +0.3% expectations.

Focus shifts to the ECB minutes due later this session ahead of the weekly US jobless claims lined up for release in the NA session today.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1251 (Sept 30 high). A break beyond the last, doors will open for a test of 1.1286 (Sept 15 high) and from there to 1.1300 (round figure). On the flip side, the immediate support is placed at 1.1171 (100-DMA) below which 1.1145 (static support) and 1.1119 (Sept 21 low) could be tested.