EUR/USD inching higher, near 1.1280 ahead of German data

The continuation of the selling bias around the greenback is supporting another day with gains for EUR/USD, currently flirting with daily highs  near 1.1280.

EUR/USD firmer post-ECB

The pair gained extra traction after the ECB downplayed the need for further stimulus in the region at yesterday’s meeting despite lowering its projections for inflation and leaving largely unchanged its growth forecasts.

Spot climbed as high as the 1.1330 region following the ECB event, although the up move lacked of follow through.

Later in the session, German trade balance figures are due followed by French and Spanish Industrial Production. Across the pond, speeches by Boston Fed E.Rosengren (voter, dovish) and Dallas Fed R.Kaplan (non voter) will keep the attention on the buck.

EUR/USD levels to watch

The pair is now advancing 0.16% at 1.1277 and a break above 1.1312 (resistance line off 2016 high) would target 1.1329 (high Sep.8) and then 1.1367 (high Aug.18). On the other hand, the immediate support aligns at 1.1241 (20-day sma) ahead of 1.1180 (2014-2016 support line) and finally 1.1138 (200-day sma).