EUR/USD spikes to 3-day high ahead of US economic releases

The EUR/USD pair's has gained further traction in the past hour, assisting the pair to accelerate through 1.0450-55 resistance area.

Currently trading at three-day peak, around 1.0470 region, the pair was seen building on Wednesday's tepid recovery gains as the US Dollar extended its profit taking slide from 14-year highs. Meanwhile, looking at the pair's sharp up-tick of around 25-pips in the past hour, the pair seems to have taken out some stops and hence, it would be interesting to see if the up-move is sustainable or is just a stop-run. 

Next in focus would be US economic docket, featuring the release of final GDP print, durable goods orders, weekly jobless claims, personal income / spending data and the Fed's preferred inflation gauge - core PCE price index. 

Technical levels to watch

A follow through buying interest has the potential to lift the pair towards 1.0500 psychological mark above which the recovery could get extended towards 1.0530-35 resistance area. On the flip side, 1.0450 level now seems to protect immediate downside below which the pair is likely to drift back towards 1.0400 round figure mark.