EUR/USD retreats farther from 2-week highs, ECB minutes up next

   •  A goodish pickup in the USD demand prompts some fresh selling on Thursday.
   •  Easing trade-war fears/geopolitical risk adds to the USD strength and weighs further.
   •  Corrective fall lacks follow-through as investors look forward to the ECB minutes.

The EUR/USD pair finally broke down of its Asian session consolidation phase and touched a fresh session low, near the 1.2330-25 region in the last minute.

The pair extended its overnight rejection slide from the 1.2400 neighborhood and so far, seems poised to snap four consecutive days of winning streak amid resurgent greenback demand. 

In fact, the key US Dollar Index is now placed at daily highs near mid-89.00s and was seen as one of the factors behind the pair's weaker tone through the early European session on Thursday.

Yesterday's hawkish FOMC meeting minutes helped the buck to stall its recent bearish slide, led by the recent US-China trade tensions-led. Meanwhile, receding geopolitical risks, over an immediate US military strike on Syria, provided an additional boost to the USD recovery move and kept exerting downward pressure on the major. 

The downfall, however, seemed lacking any strong follow-through momentum as investors now look forward to the latest ECB monetary policy meeting minutes for some fresh impetus. Later during the early NA session, the release of usual initial US weekly jobless claims data might also help traders grab some short-term opportunities.

Technical levels to watch

Any subsequent weakness below the 1.2330 level is likely to accelerate the fall back towards the 1.2300 handle, which if broken might turn the pair vulnerable to slide further towards 1.2240 support area. On the flip side, 1.2370 level now becomes immediate resistance, above which the pair is likely to make a fresh attempt towards conquering the 1.2400 handle.