The pair is currently trading at 1.1874, stuck in between the 100H MA, 200H MA and the 50.0 retracement level
It's everything in between basically. The last few hours have seen the pair try and test the topside close to the 200H MA of 1.1879. We've hit session highs of 1.1877, and the pair is currently supported by the 100H MA in the last four hours.
A break higher of 1.1879 will see the pair test the 38.2 retracement level of 1.1890 which coincides with a support level tested on 30 Nov and 1 Dec. Classic support turning into resistance possibly if that happens.
Anyhow, a topside break will see the pair run into resistance around the 1.1930-40 range - where the pair had retreated from in the past couple of days. There's also an option expiry at 1.1930 worth EUR532 mln here later today.
Meanwhile, a rejection at current levels could see the pair move downwards - but there is strong support at 1.1840 at the 76.4 retracement level where the pair has held onto yesterday.
Positive Eurozone sentiment has helped to support the EUR in spite of the wave of USD strength yesterday - following news of the tax bill passing the Senate vote. But there's more economic data coming out of Europe today with a slew of services PMIs to come. I'll provide the details on that later.