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EUR/USD Price Analysis: Upside could take a breather

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Updated:
  • EUR/USD struggles to advance further north of the 1.1150 area.
  • Further up aligns 1.1186 ahead of December’s top near 1.1240.

The sharp recovery in EUR/USD seems to have met some decent hurdle in the 1.1150/60 band so far.

If the pair manages to leave behind this area of resistance, ideally in the near-term, then the Fibo retracement at 1.1186 will be the next target ahead of the December’s 2019 peak at 1.1239.

While further gains are likely above the 200-day SMA, today at 1.1010, the proximity of overbought levels, as gauged by the RSI, carries the potential to spark a corrective downside.

EUR/USD daily chart

 

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