EUR/USD up little, around 1.1775 ahead of ECB minutes

The EUR/USD pair reversed an early dip below mid-1.1700s and has now moved in positive territory for the third consecutive session.

With investors looking past yesterday's upbeat US economic releases, a subdued US Dollar price action, led by declining US Treasury bond yields, seems to be only factor lifting the pair to session tops near the 1.1780 region. 

The up-move, however, seemed lacking strong momentum as investors consolidated positions ahead of the key event of the day, minutes from the ECB's latest monetary policy meeting. 

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At the September policy meeting, the central bank mentioned the potential negative aspect of appreciating Euro and hence, bulls would be keen to know if the language was leaned towards acceptance of a stronger currency, which could provide a huge boost to the shared currency. 

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The minutes would also be looked upon for any clues over the central bank's tapering plans as the central bank has already signaled a gradual exit from its accommodative monetary policy, though was not in a hurry to end it soon. 

On the economic data front, the weekly jobless claims, trade balance and factory orders data are due for release from the US. This along with speeches by couple of FOMC members - the Fed Governor Jerome Powell and Philadelphia Fed President Patrick Harker, would also be looked upon for some impetus.

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Technical levels to watch

Immediate resistance is pegged near 1.1790-1.1800 zone, above which a bout of short-covering is likely to accelerate the up-move back towards 50-day SMA hurdle near the 1.1845 region.

On the downside, weakness below mid-1.1700s is likely to find support near 1.1725 level, which if broken could drag the pair back below the 1.1700 handle towards its next support near the 1.1675-70 region.