EUR/USD accelerates up-move, hits fresh session high

Selling pressure around the greenback seems to have intensified in the past few hours, helping the EUR/USD pair to build on to yesterday's sharp recovery from monthly lows.

Currently trading at a fresh weekly high level near 1.1245 region, the pair decisively broke through 100-day SMA and extended its up-move for the second consecutive session. The post-FOMC US Dollar sell-off has been the sole driver of the pair's recovery trend from below 200-day SMA (1.1123) touched on Wednesday prior to the Fed announcement. 

Focus now shifts to ECB President Mario Draghi's speech at the European Systemic Risk Board (ESRB) annual conference, which would provide fresh impetus for short-term traders. From the US, weekly jobless claims and existing home sales data are due for release later during NY trading session.

Technical levels to watch

Immediate upside resistance is pegged near 1.1250-60 area above which the pair is likely to test 1.1284 (Sept. 15 high) before eventually rising to 1.1300 handle. On the downside, 1.1230 now becomes immediate support followed by 100-day SMA support near 1.1200-1.1190 region.