EUR/USD jumps to fresh two-week high ahead of ECB

Heading into the key event risk, ECB monetary policy decision, the EUR/USD pair gained further traction and jumped jumping to a fresh two-week high level of 1.1300. 

Fading expectations of an eventual Fed rate-hike action in September has been the key factor weighing on the greenback. Moreover, the US Dollar selling pressure seems to have intensified across the board in the past few hours of trading, helping the pair to build on to Tuesday's strong gains and retest 1.1300 handle for the first time since August 26.

Today's ECB decision remains the key highlight and would be the key determinant of the pair's near-term direction. The central bank is widely expected to leave its monetary policy unchanged. However, focus would be on the subsequent press conference where dovish comments would fuel speculations that the central bank could ease further, which might eventually weigh heavily on the shared currency. 

Technical levels to watch

A follow-through buying interest above 1.1300 handle has the potential to continue boosting the pair further towards August monthly high resistance near 1.1360-65 region. On the downside, 1.1265-60 region now becomes immediate support, which if broken decisively is likely to drag the pair immediately towards 100-day SMA strong support near 1.1200 round figure mark.