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EUR/USD trading higher

EUR/USD extended gains on Thursday, printing fresh monthly highs at $1.3130 ahead of the ECB policy announcement at 16:30 GMT and the press-conference at 17:30 GMT. As of writing, EUR slipped back to $1.3115. Spanish 10-year bond yields were slightly down today, while French yields increased. The market will also be watching German factory orders at 10:00 GMT (forecast: -0.2%, prev.: +2.2%).

Technically, bulls are trying to fix above the daily Ichimoku and the 100-day SMA, but the upside remains capped by the 38.2% Fibonacci retracement ($1.3120). Next sell orders are clustered at $1.3140/50, $1.3190/3200 and at $1.3240/50. EUR/USD could push higher today, but the growth seems to be limited by $1.3250. As can be seen from the H4 chart, there is a MACD divergence, the market is overbought. Support is seen at $1.3090, $1.3075 and $1.3050. Slide below $1.2950 would confirm the bearish scenario. 

Chart. Daily EUR/USD

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