EUR/USD fades a bullish spike to fresh 2-week high

A fresh bout of USD selling pressure emerged during early hours of NY session, with the EUR/USD pair jumping to a fresh 2-week high level of 1.1272 before reversing quickly to currently trade back below 1.1250 region. 

The greenback remained under selling pressure on fading prospects of an eventual Fed rate-hike action at its meeting on September 20-21 and helped the pair to recover from session low, shrugging-off disappointing German industrial production data and better-than-expected JOLTS job openings. 

The pair has been solely driven by sentiment surrounding the Fed monetary policy stance and hence, traders on Wednesday's release of Fed Beige Book would be looked upon for fresh clues over the timing of next Fed rate-hike move. 

Meanwhile, Thursday's ECB meeting would be the next major fundamental trigger that would assist investors to determine the pair's trajectory in the near-term.

Technical levels to watch

A follow through retracement below session low support near 1.1230 area is likely to accelerate the slide immediately towards 1.1200 round figure mark, which if broken might negate bullish bias and open room for further downslide for the pair in the near-term.

On the flip side, a follow through buying interest above 1.1270 immediate resistance has the potential to boost the pair beyond 1.1300 handle towards testing August swing high resistance near 1.1360-65 area.