EUR/USD advances to fresh session high near 1.0750 level

The EUR/USD pair regained traction near 1.0710 region and has now advance to fresh session peak near mid-1.0700s. 

A fresh wave of greenback selling pressure emerged during mid-European trading session, with the key US Dollar Index flirting with lows near 100.00 psychological mark, triggered the initial leg of up-move for the major. 

Worries over the US President Donald Trump's protectionist stance and skepticism over his fiscal reforms helped the major to shrug-off a slight disappointment from German IFO Business Climate index for January. 

The shared currency got an additional boost after German economic ministry reaffirmed GDP growth forecast at 1.4% for 2017 and raised export growth forecast to 2.8% from 2.1% estimated earlier. 

In absence of any major market moving releases, the US Dollar price dynamics would continue to be exclusive driver of the pair's movement on Wednesday.

Technical levels to watch

A follow through buying interest above 1.0760 level is likely to accelerate the up-move towards 1.0800 round figure mark before the pair aims towards testing 100-day SMA hurdle near 1.0840-45 region. 

On the flip side, 1.0715-10 area remains immediate support to defend, which if broken might drag the pair back towards 1.0680-75 support before eventually dropping back to 1.0625-20 horizontal support.