EUR/USD Forecast: solid EU data push the pair further up

The EUR/USD pair extended its post-FOMC Minutes' rally early Asia, although movements were moderate across the board, with Japan on holidays and the US also being close this Thursday amid the Thanksgiving holiday.  European data just released gave the common currency an additional boost, as preliminary November Markit PMIs beat expectations. For the EU, the Services activity index resulted at 56.2, its highest in six months,  the manufacturing PMI reached 60.0 against final October reading of 58.5, its highest in almost seven years. The composite PMI surged to 57.5 from the previous and the expected 56.0, its highest in more than six years.

The pair trades not far from its daily high of 1.1845, ahead of the release o the f ECB's Monetary policy meeting Accounts. Just as Fed's Minutes, the document has the ability to move the market  big, but that doesn't mean it happens all of the time. And this one could be one of those that had no effect on currencies, as, during the past ECB's meeting, a series of fresh measures were announced, and the market has already digested them all. Seems unlikely that there will be something new that could shake the board.

As mentioned above, there won't be any activity in the US, which means that volumes will likely remain low, and the pair can ease on profit-taking. Nevertheless, is technically biased higher, according to readings in the 4 hours chart, as indicators are aiming to resume their advances near overbought readings, while the 20 SMA gains upward strength well below the current level. The immediate resistance is 1.1860, last week's high, followed by 1.1890, where selling interest contained advances last October.  The immediate support, on the other hand is 1.1820, followed by 1.1790, the level that should hold to maintain the bullish tone alive.

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