EUR/USD closer to 1.2000 ahead of ECB

The selling interest around the greenback is gathering traction today and is now helping EUR/USD to move higher to the 1.1980 region, or daily highs.

EUR/USD bid ahead of ECB

The pair is recording fresh multi-day tops in the upper-1.1900s ahead of the key ECB meeting later in the session.

The renewed up move in spot comes in response to the continuation of the offered bias around the greenback, which has broken below the key support at the 92.00 handle and seems to have refocused on YTD lows in the vicinity of 91.60.

The current momentum in the pair should be put to the test later in the session in light of the ECB gathering and amidst consensus of a likely dovish tone from President Draghi. Speculations of a soft message today appears to have found sustain in the strong appreciation of the exchange rate, particularly following the ECB Forum in Sintra (Portugal).

EUR/USD levels to watch

At the moment, the pair is gaining 0.50% at 1.1977 and a break above 1.1982 (high Sep.7) would expose 1.2069 (2017 high Aug.29) and finally 1.2167 (50% Fibo of the 2014-2017 drop). On the downside, the immediate support lines up around 1.1924 (10-day sma) seconded by 1.1847 (10-day sma) and then 1.1823 (low Aug.31).