EUR/USD holds below 1.1800 as traders await US jobs report

EUR/USD is trading just under the 1.1800 level during early European hours, with large option expiries at this psychological resistance keeping price action contained. The dollar remains in a vulnerable position overall after mixed trading on Tuesday, though the pair's upside momentum has stalled following ECB Vice President de Guindos' dovish remarks yesterday. Market participants are exercising caution ahead of Friday's crucial US Non-Farm Payrolls report, which could provide clearer direction before the extended weekend. The greenback's recent weakness has left it exposed to further selling pressure, particularly if employment data disappoints expectations. Technical traders note the significance of the 1.1800 level, where concentrated option activity may act as a magnet for price action throughout the session. A decisive break above this resistance could open the path toward 1.1850, while failure to clear it may see the pair consolidate in the 1.1750-1.1800 range.