EUR/USD sidelined around 1.1780 ahead of PMIs

• The pair navigates the upper end of the range just below 1.18.
• The greenback stayed depressed in sub-94.00 levels.
• Advanced PMIs in Euroland next on tap in the docket.

EUR/USD finally managed to leave behind the key resistance band at 1.1745/50 and is now showing some consolidation in the 1.1780 region.

EUR/USD up on risk sentiment, looks to data

The unabated weakness hitting the greenback plus the generalized upbeat mood surrounding the risk-associated space has been sustaining the rally in spot, which finally surpassed the critical 1.1745/50 band.

In addition, positive Brexit headlines has also collaborated with the up move in the pair to fresh 2-month lows in levels just shy of the 1.1790 area, which will now target June’s peak in the mid-1.1800s.

Looking ahead, preliminary PMI prints for the month of September are due later in Euroland. Across the Atlantic, Markit will also publish its flash gauges of the Services and Manufacturing PMIs.

EUR/USD levels to watch

At the moment, the pair is losing 0.02% at 1.1775 and a break above 1.1792 (high Jul.9) would target 1.1853 (monthly high Jun.14) en route to 1.1947 (200-day SMA). On the other hand, the next support lines up at 1.1672 (10-day SMA) followed by 1.1653 (21-day SMA) and then 1.1526 (low Sep. 10).