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- EUR/USD Price Analysis: Upside limited by the 5-month line
EUR/USD Price Analysis: Upside limited by the 5-month line
- EUR/USD adds to Tuesday’s advance near 1.1360.
- Further upside needs to clear the 1.1360 region.
EUR/USD extends the weekly rebound and revisits the 1.1360 zone on Wednesday.
Extra gains in the pair needs to surpass the 5-month line around 1.1360 to mitigate downside pressure and allow for a probable test of the weekly high at 1.1395 (February 14). Further up is seen the 200-week SMA at 1.1487 closely followed by the 2022 peak at 1.1494 (February 10).
In the longer run, EUR/USD is expected to keep the negative outlook as long as it trades below the key 200-day SMA, today at 1.1628.
EUR/USD daily chart
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