EUR/USD dips below 1.1800 handle, reaffirms near-term trading range

The EUR/USD pair once again failed to clear near-term trading range hurdle near the 1.1820-30 region and has now retreated back below the 1.1800 handle, eroding part of previous session's strong up-move.

With markets looking past the latest US political development, a modest pickup in the US Dollar demand has been one of the key factors weighing on the major. Moreover, investors seemed non-committed ahead of the much awaited Jackson Hole Symposium and hence, possibilities of some profit taking, from closer to an important hurdle, might have also collaborated to the pair's weaker tone through early European session on Thursday.

   •  US Dollar bid around 93.20, Jackson Hole on sight

The upcoming speeches by the Fed Chair Janet Yellen and the ECB President Mario Draghi would closely scrutinized to gain some fresh insight over the Fed's monetary policy tightening path and on possible QE tapering plans by the ECB, which would eventually help determine the pair's next leg of directional move. 

   •  Jackson Hole Preview: Central bankers to speak – HSBC

In the meantime, today's US economic data - weekly jobless claims and existing home sales data, due later during the NA session, would be looked upon for some short-term trading impetus. 

Technical levels to watch

Immediate support is pegged near 1.1760 area, below which the pair is likely to drift back towards 1.1720 horizontal support before eventually dropping to the trading range support near the 1.1700-1.1690 region.

On the upside, 1.1820-30 zone remains immediate strong supply zone, which if cleared seems to lift the pair beyond mid-1.1800s towards its next resistance near 1.1880 level ahead of the 1.1900 handle.