EUR/USD spikes to one-month high after ECB minutes

The greenback selling pressure seems to have intensified in the past hour, lifting the EUR/USD pair further beyond 50-day SMA resistance to a one month high. 

Currently trading around 1.0675-80 region, testing session peak, the pair continued gaining traction during early NA session on Thursday as the US Dollar extended post news conference Trump trade reversal move. 

Meanwhile, headline coming out on the ECB monetary policy meeting minutes, that headline inflation is picking up significantly, added on to today's upbeat Euro-zone industrial production and provided an additional support to the strong bid-tone surrounding the major. 

Later during the day, plenty of Fed speakers -  Philadelphia Federal Reserve Bank President Patrick Harker, Atlanta Fed President Dennis Lockhart, St. Louis Fed President James Bullard and Fed Chair Janet Yellen, would take the spotlight and might provide some fresh impetus for the pair's next leg of directional move. 

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet notes, "Trading at its highest since mid December, the pair seems poised to extend its advance up to 1.0710 now, the 38.2% retracement of the November/January slide, given that in the 4 hour chart, the 20 SMA has finally accelerated its advance beyond the 100 and 200 SMAs, all of them below the 1.0600 level, while the RSI indicator heads north around 62. The Momentum indicator in the same chart lacks directional strength, but holds within positive territory."

"The immediate support is now the 1.0620 region, with a break below it exposing 1.0565, the 23.6% retracement of the mentioned slide."