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EUR/USD Price Analysis: Potential correction ahead of further gains

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  • EUR/USD’s bullish attempt met initial decent contention around 1.1620.
  • Corrective leg lower could extend to the 1.1448/22 band.

EUR/USD reached and receded from new 22-month highs beyond the 1.16 yardstick in past hours.

The pair is navigating the overbought territory for yet another session and this coupled with some logical (overdue?) profit taking could trigger a corrective downside. Against this, initial and interim contention emerges at the 1.1448/22 band, where converge a Fibo level and June’s top.

Looking at the broader picture, as long as the 200-day SMA, today at 1.1070, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD daily chart

 

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